The Centre has 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.

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The regulations allow international branch campuses (IBC) and offshore educational centre (OEC) to be set up 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.

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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".

As per the eligibility conditions put in place, a foreign university should have secured a position within the Top 500 in the global overall ranking or subject ranking in the latest QS World Universities ranking and in the case of a foreign educational institution, it should 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 had 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.

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As per the regulations, registration would be granted based on the recommendations of a committee of experts and at first instance, grant in-principle 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.