'Foreign university campuses to help India save $7.5 bn'

Allowing foreign universities to set up their campuses in India would help the country save up to $7.5 billion (about Rs 34,500 crore) foreign exchange annually that students spend on studying abroad, industry body Assocham said.

“It will not only dramatically enhance the profile of higher education in India but help it save outflow of about $7.5 billion of foreign exchange a year, as a large number of Indian students go abroad for higher education,” Assocham said.

Assocham President Swati Piramal said students’ going abroad cost the country a foreign exchange outflow of $10 billion annually and the campuses of foreign universities in India could prevent at least three-fourths of students from leaving the country for higher education.

On March 15, the Cabinet approved a Foreign Educational Institution (Regulation of Entry and Operation) Bill, 2010, to allow foreign education providers to set up campuses in India. The Cabinet clearance has paved way for its introduction in Parliament.

The chamber said, over 500,000 students chose to go overseas every year to obtain higher education, including professional courses in engineering, medical and management.