Center Notifies Regulations Allowing Foreign Universities to Set Up Campus in GIFT City

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New Delhi, Oct 14 (PTI) The Center has notified regulations allowing foreign educational institutions to set up campuses in GIFT city Gandhinagar and Ahmedabad to offer courses identical to those in their home jurisdictions and award identical degrees, diplomas or certificates.
The regulations allow International Campuses (IBCs) and Offshore Educational Centers (OECs) to locate in the Gujarat International Finance Tec City in Gandhinagar and Ahmedabad.
With the notification in the Official Gazette dated October 12, 2022 on the International Financial Services Centers Authority (Establishment and Operation of International Campuses and Offshore Education Centers) Regulations 2022, the application process and Registration grant has been rolled out to allow foreign universities and educational institution to operate in the city of GIFT.
They have been authorized to offer identical programs which “will enjoy the same recognition and status as if conducted by the parent entity in its home jurisdiction”.
In accordance with the eligibility conditions put in place, a foreign university must have obtained a position in the Top 500 of the general world ranking or subject ranking in the latest QS World Universities Ranking and in the case of a foreign educational institution , it must be a “reputable” establishment in its home jurisdiction.
The applicant must satisfy the authority of its financial capacity to establish and ensure the continuity of the activities proposed in the GIFT IFSC and it undertakes to put in place an appropriate infrastructure and facilities to deliver the courses, including the programs of research in authorized fields.
Union Finance Minister Nirmala Sitharaman had announced in her budget speech that the government would allow the establishment of world-class foreign universities in the GIFT city of Gandhinagar free from national regulations to facilitate the availability of skilled labor in the financial services sector.
In accordance with the regulations, registration would be granted on the basis of the recommendations of a committee of experts and would grant in first instance an approval in principle to the applicant giving him 180 days to put in place all the required infrastructures and to engage the main -work required, etc.
“The degree, diploma or certificate awarded with respect to courses or programs provided in the GIFT IFSC will enjoy the same recognition and status as if provided by the parent entity in its home jurisdiction,” said he declared. PTI GJS GJS TIR
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