April 3, 2023
According to industry estimates, the establishment of international colleges in India would reduce the $50–$60 billion that students currently spend annually on studying overseas. Experts predict that the influx of foreign direct investment will especially aid Gujarat’s economy in growing (FDI). “Tens of thousands of students travel overseas every year to study at foreign universities in countries like the United States, Canada, and Australia.
Moreover, it increases their chances of securing lucrative job opportunities. It’s exciting to think about the potential influx of students to GIFT City if a foreign university is established in the area.
According to the GIFT City website, the $78,000 crore project has already attracted over $240 million in Investment and created more than 20,000 job possibilities.
Deakin University, an Australian institution, is the first to submit a request for funding in GIFT City, with a transaction worth $4 million (about Rs 22 crore) in the preliminary stages. The institution has stated that it intends to launch its Business Analytics and Cyber Security programs in 2024 with a cohort of 100 students. “Even if half of these 100 students are from outside Gujarat, the effects on the regional economy would be significant.
People will need to provide multimedia services in order for content work, housing, and public transportation to all benefit, according to Sesh.
Deakin University’s vice president (Global Alliances) and CEO (South Asia), Ravneet Pawha, stated that the university’s campus in India is a business initiative and will not be a not-for-profit organization. “Therefore, yeah, it gives us a lot of business opportunities. The business consequence is not, however, our primary goal, according to Pawha.
It should be emphasized that Foreign Higher Education Institutes (FHEIs) are permitted by IFSCA regulations to operate as profit-making entities and to freely repatriate cash and determine their fee structures. She called the collaboration between the Indian government, the Ministry of finance, and the Ministry of education “a really positive step forward.
