News Highlights:
The Deakin University, which is a premier University in Australia, has become the 1st foreign university to receive approval from the International Financial Services Centres Authority (IFSCA) to set up an International Branch Campus (IBC) in GIFT-IFSC, GIFT City, Gujarat.
Gujarat International Finance Tec-City (GIFT City):
- About:
- GIFT is planned as a financial Central Business District (CBD) under construction on the banks of the Sabarmati River between Ahmedabad and Gandhinagar in Gujarat.
- It is India’s first operational greenfield smart city and International Financial Services Center (IFSC).
- The total area for the development of GIFT is 886 acres out of which the Special Economic Zone (SEZ) constitutes 261 acres.
- Objectives:
- To develop a new format for a globally benchmarked Integrated City.
- To propose a road map for fast-track development and implementation.
- To make the city scalable in each and every aspect for the distant future.
- To derive the city format from fast-changing lifestyles and new technologies.
- To achieve an image of a Global City that keeps pace with modern technologies.
- Significance:
- GIFT shall be a hub for the global financial services sector, with state-of-the-art connectivity, infrastructure and transportation access.
- Envisioned as an Eco-City, GIFT will showcase business-oriented, environmentally-sensitive growth.
- It offers a test bed to drive reforms and innovation in various fields, including delivery systems, local government, physical planning, infrastructure development, environmental protection and so on.
- This means the fundamental principles of life and livability serve as the city’s foundation.
International Financial Services Centres Authority(IFSCA):
- Establishment of IFSCA:
- The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019.
- It is a statutory body.
- Gift City is India’s first IFSC being developed. It is headquartered at GIFT City, Gandhinagar in Gujarat.
- It has been established as a unified regulator (as the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination) with a holistic vision to promote ease of doing business in the IFSC and provide a world-class regulatory environment.
- Objective:
- The main objective of the IFSCA is to develop a strong global connection and focus on the needs of the Indian economy and the global economy as a whole.
Norms for Foreign Universities to set up Campus in GIFT City:
- Objectives of the norms:
- Its objective is to reduce the hurdles that foreign institutions and universities face in India to set up a campus here.
- There are hurdles like reservation policy implementation, administrative control, fee and the requirement that they be a not-for-profit entity.
- Norms:
- According to the norms, foreign educational institutions or universities from the top 500 QS World Universities will be allowed to visit GIFT City and establish suitable facilities and infrastructure to offer courses in Mathematics, Engineering, Technology and Science.Â
- The IFSCA (International Financial Services Centres Authority) would have the right to inspect foreign campuses set up in GIFT city.
- The foreign entity’s programs or courses must be identical to those offered by the parent entity in its home jurisdiction, and the same certificate, diploma or degree must be conferred.
- It also permits the parent entity to repatriate any profit without restriction.
Pic Courtesy: Freepik
Content Source: PIB