The Centre has issued regulations allowing foreign educational institutions to establish campuses in Gandhinagar and Ahmedabad’s GIFT City, offering courses identical to those offered in their home jurisdictions and awarding identical degrees, diplomas, or certificates.
The regulations permit the establishment of international branch campuses (IBC) and offshore educational centres (OEC) in the Gujarat International Finance Tec City in Gandhinagar and Ahmedabad.
With the Official Gazette notification of October 12, 2022 on ‘International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022,’.
“The process for applications and grant of registration has been rolled out to enable foreign universities and educational institution to operate in the GIFT City. They have been allowed to offer identical programmes which shall enjoy the same recognition and status as if they were conducted by the parent entity in its home jurisdiction”.
According to the eligibility criteria, a foreign university must have secured a position in the Top 500 in global overall ranking or subject ranking in the most recent QS World Universities ranking, and a foreign educational institution must be a “reputed” institution in its home jurisdiction.
The applicant shall satisfy the authority about its financial capability to establish and ensure the continuity of the proposed activities in GIFT IFSC and it shall undertake to put in place suitable infrastructure and facilities to conduct the courses including research programmes in the permissible subject areas.
Union Finance Minister Nirmala Sitharaman in her Budget speech announced the government will 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.
According to the regulations, registration would be granted based on the recommendations of an expert committee and would be granted in-principle in the first instance.
approval to the applicant giving it 180 days to set up all required infrastructure and engage necessary manpower etc.
“The degree, diploma or certificate issued with respect to courses or programmes conducted in the GIFT IFSC shall enjoy the same recognition and status as if they were conducted by the parent entity in its home jurisdiction,” it said.