- Australia-based Deakin University has become the first foreign university to receive approval from the International Financial Services Centres Authority (IFSCA) to set up an International Branch Campus (IBC) in GIFT-IFSC, GIFT City, Gujarat.
- Finance minister Nirmala Sitharaman in the Union Budget 2022-23 announced that “World class foreign universities and institutions will be allowed in the GIFT City to offer courses in financial management, fintech, science, technology, engineering, and mathematics, free from domestic regulations, except those by the IFSCA to facilitate the availability of high-end human resources for financial services and technology”.
- The permission is being provided by the IFSCA (Setting up And Operation of International Branch Campuses And Offshore Education Centres) Regulations, 2022 notified in October 2022 in India.
- This is a major development as the university will offer the same courses as they are offering in Australia at a fraction of the cost, Srinivas said, adding that students will highly benefit from it.
Australia-based Deakin University has become the first foreign university to receive approval of the IFSCA
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