Australia's Deakin University Becomes First Foreign Varsity To Set Up Campus At GIFT-IFSC In Gujarat

Deakin University, which is a premier University in Australia, has become the first foreign university to receive approval of the International Financial Services Centres Authority (IFSCA) to set up an International Branch Campus (IBC) in GIFT-IFSC, GIFT City, Gujarat.

The IFSCA, the unified regulator for IFSCs in India, has granted Deakin University in-principle approval based on the recommendation of the committee of experts set up by the GIFT City Company Limited.

This approval allows Deakin University to offer the same degree courses it offers in Australia in the areas of Science, Technology, Engineering, Mathematics, and Financial Management to Indian and foreign students in GIFT IFSC.

The degree offered will be identical or similar to that offered in the home jurisdiction, the IFSC Authority said on Friday (3 March).

The development comes after Union Finance Minister Nirmala Sitharaman had announced in the Union Budget 2022-23 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 availability of high-end human resources for financial services and technology”.

Setting up of world class educational institutions in GIFT IFSC will also promote deep collaboration between academia and industry resulting in financial innovations, it said.

The IFSCA further expects that the entry of the first foreign university into GIFT IFSC will set the stage for many more institutions of global repute to follow going by the expressions of interest received so far.

“Apart from making available world class education within India (GIFT-IFSC), it is also expected to be a huge value proposition in terms of reduced costs for students with greater international employment opportunities. This will also lead to greater internationalisation of GIFT-IFSC by attracting students from all parts of the World," said IFSCA chairperson Injeti Srinivas.