Tertiary education opportunities are poised to grow exponentially at GIFT International Financial Services Centre (IFSC) – as it continues attracting foreign universities to tap into the vast Indian student population.
GIFT IFSC, predominantly known for its business, financial and technological services, unveiled its International Branch Campus Regulations in October 2022, permitting the setup of India-branch campuses of foreign universities in the Special Economic Zone (SEZ) and the repatriation of funds in a relaxed regulatory environment.
Speaking to FE, Executive Director (Development) at IFSC, Dipesh Shah, explained how GIFT’s relaxed regulations provide a conducive environment for foreign universities. “With a competitive tax regime, IFSC-centric regulations and seamless fund repatriation, foreign universities have been provided administrative and academic autonomy,” he briefed.
GIFT IFSC’s criteria for subject areas is also an important enabler for the hub’s growth, according to him. “Permissible courses for branch campuses include Financial Management, FinTech Science, Technology, Engineering and Mathematics. This could provide skilled talent to companies within GIFT. Additionally, this will enable students to achieve quality education at a fraction of the cost abroad and help India retain its talent.” he said.
With Deakin University and the University of Wollongong (UOW) having operationalised their branch campuses at GIFT in 2024 – Queen’s University Belfast (QUB), Coventry University and the University of Surrey are set to follow suit.
In conversation with FE, Margaret Topping, Pro-Vice-Chancellor for Global Engagement at QUB, revealed ambitious plans to commence the first Master’s cohort in January 2026 with approximately 800 students. “With an investment of £5 million per year for the next 5 years, we aim to focus our courses on market needs and real-world challenges,” she stated. “Our branch campus will provide MSc degrees in fields including Finance, Business Analytics, Leadership in Sustainability Development and Financial Analytics.”
QUB hopes to introduce STEM and other research-oriented courses in the future, as per student demand. “As Gujarat boasts of industries such as pharmaceuticals and petrochemicals, we hope to focus on research with our future cohorts and even commercialize it,” Topping added.
Presently, Deakin’s branch campus offers 2 Master’s programs to its inaugural cohort of approximately 55 students. Shounak Bhalerao, a student pursuing a Master of Cyber Security, was of the opinion that the small cohort size gave students an advantage. “Because of the small batch, we receive the opportunity to have personal mentoring with our professors,” he said.
Initially set upon pursuing his tertiary education abroad, Bhalerao commented, “We pay approximately Rs 21 lakhs for our program at Deakin’s branch campus, about half of what a student in the Australia campus would pay. For the same level of education and certifications, I feel it’s a good investment – especially for middle-class families.” Although Bhalerao expressed concern about placements for the inaugural batch, he hopes that India’s evolving job landscape will provide better opportunities in the future for aspiring professionals like him.