• Two Australian universities will soon establish campuses in Gujarat’s GIFT City, Union Education Minister Dharmendra Pradhan announced.

• The two universities are Deakin University and Wollongong University. These are the first two foreign varsities to be setting up their campuses in GIFT City. 

• The two varsities will sign an agreement on setting up their campuses during Australian Prime Minister Anthony Albanese’s maiden visit to India next week. 

• Deakin University is ranked 266 in QS World University Rankings and is also among the top 50 young universities. It has four campuses in Australia and many students from India go to study there.

• Wollongong University is the first foreign university to open a campus in the UAE.  

• In her Budget speech last year, Union Finance Minister Nirmala Sitharaman announced that the government would allow the setting up of world-class foreign universities in Gandhinagar’s GIFT City, free from domestic regulations, to facilitate the availability of skilled manpower in the financial services space. 

• As per the regulations, registrations would be granted based on the recommendations of a committee of experts. At first instance, in-principle approval to the applicant will give it 180 days to set up the required infrastructure and engage necessary manpower, etc.

• In October 2022, the Centre notified regulations for foreign educational institutions to set up campuses in the GIFT City in Gandhinagar and Ahmedabad to offer courses identical to those in their home jurisdictions and award identical degrees, diplomas or certificates.

• The regulations allow international branch campuses and offshore educational centres to be set up in GIFT City.

• Earlier this year, the UGC announced that foreign universities will be able to set up their campuses in India for the first time and unveiled draft norms under which these universities can also decide on the admission process, fee structure and repatriate its funds back home.

• The initial approval will be for 10 years and renewed in the ninth year, subject to the meeting of certain conditions, UCG chairman M Jagadesh Kumar had said and clarified that these institutions shall not offer any such programme that jeopardises the national interests of India.

GIFT City

• Gujarat International Finance Tec-City (GIFT) is an emerging global financial and IT services hub, a first-of-its-kind in India, designed to be at or above par with globally benchmarked business districts.

• GIFT City is a planned business district in Gujarat. It is the new business destination offering competitive edge to financial services and technology related activities.

• International Financial Services Centres Authority (IFSCA) was established in April last year under the IFSCA Act, 2019. It is headquartered at GIFT City, Gandhinagar.

• IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

• In the Union Budget 2023-24, the government announced a host of measures to enhance business activities in GIFT IFSC.

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