FM Sitharaman invites US universities to start operation at IFSC in Gujarat

Finance Minister Nirmala Sitharaman on Friday interacted with the representatives of 14 distinguished US universities and invited them to set up foreign universities and institutions at the International Financial Services Centre in Gandhinagar, Gujarat, according to news agency PTI report. Budget 2022-23 permitted 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, the PTI report said. Finance Ministry tweeted, "recognising the inherent potential of the IFSC, the Budget announcement paved the way for allowing world-class foreign universities to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics in @GIFTCity_IFSC." Here's how will GIFT-IFSC help: The key advantages for US universities will include 100% foreign ownership with no restriction on repatriation of profits, no domestic law will apply, regulatory ease through unified regulator IFSCA, and opportunity to collaborate with Indian students, faculty and financial industry, Finance Minister Nirmala Sitharaman said during the virtual meeting.