Foreign universities plan to set up shop at Gandhinagar-based GIFT IFSC

London Business School, King's College, Cambridge University and New York University exploring the option

The Budget proposal allowing foreign universities to set up shop at Gandhinagar-based GIFT City International Financial Services Centres (IFSC) is yielding results.

Some leading foreign universities have started preliminary discussion with the GIFT City authorities and the regulator to establish facilities at the IFSC.
 

According to sources in the know, “London Business School, King’s College in London, the University of Cambridge, and New York University are exploring setting up an International Branch Campus in GIFT International Financial Services Centre”.

The finance minister had stated in her Budget speech: “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 IFSCA to facilitate availability of high-end human resources for financial services and technology.”

In this regard, the GIFT City regulatory authority (IFSC Authority) has been asked to work on preparing regulation to allow foreign universities.
 

Dipesh Shah, executive director, International Financial Services Centres Authority (IFSCA), said, “The setting up of foreign universities/institutions in GIFT IFSC would complement our efforts in providing high-quality human capital to the vibrant financial services industry here. The global institutions would bring in innovative pedagogy, global expertise and cutting-edge know-how in the areas of financial management, fintech and new age technologies.”

It is estimated that annually around 750,000 Indian students travel overseas for higher education and spend about $8 billion.

As of now, apart from fees paid to universities overseas, the business involving their living expenses, loans and other requirements like mediclaim goes to banks abroad. If the facilities are available on Indian soil, part of this business can also come to GIFT City, said the source.

Kaku Nakhate, president and India country head, Bank of America, said: “Permitting foreign universities to offer education programmes in GIFT City IFSC is a progressive and a welcome step. Universities offering courses in finance and science will help both foreign-based educational institutions and IFSC. These global institutions will help attract a global talent pool to India, needed for the long-term growth of our economy and the IFSC.”

The idea of allow foreign universities was first discussed between India and the US authorities as part of bilateral talks. Later, the government discussed the matter with the IFSC regulator.

Sources said as of now, leading foreign universities were discussing with various authorities about what kind of facilities, regulations, etc would be advisable.

Most of the leading foreign universities have set up campuses in other countries.

For example, New York University has campuses in Abu Dhabi and Shanghai, and London School of Business in Dubai. Six American universities, a British university, and a French university have campuses at the Qatar Education City. Malaysia hosts 11 foreign universities, including Manipal International University.