Finance Minister Invites US Universities to Start Business at IFSC – The New Indian Express


WASHINGTON (Reuters) – Finance Minister Nirmala Sitharaman spoke with representatives of 14 distinguished U.S. universities on Friday and invited them to establish foreign universities/institutions at the International Financial Services Center (IFSC) in Gandhinagar, Gujarat.

The 2022-2023 budget enabled the establishment of world-class foreign universities in the GIFT city of Gandhinagar, free from national regulations, to facilitate the availability of skilled manpower in the financial services sector.

“Recognizing the inherent potential of IFSC, the budget announcement paved the way for world-class overseas universities to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics at @GIFTCity_IFSC,” said a tweet from the Ministry of Finance. .

“Union Finance Minister Smt. @nsitharaman interacted via VC with several distinguished American universities to explore the opportunity to establish foreign universities/institutions in @GIFTCity_IFSC which was an announcement made in the budget of the Union 2022,” another tweet said.

Key benefits for US universities include 100% foreign ownership with no restrictions on repatriation of profits, no domestic laws will apply, regulatory ease through the unified regulator IFSCA, and the ability to collaborate with Indian students, faculty and the financial industry, she told the virtual conference. Meet.

She added that as the IFSC gains critical mass with the growing concentration of the financial services industry, the demand for high quality human capital is expected to increase significantly.

Foreign universities in the IFSC could help meet this demand, she said. This is a win-win opportunity for the financial services industry as well as foreign universities operating from the IFSC, and it can create an ideal global ecosystem for developing the skills needed in the future, she said.

Apart from Finance Minister, the meeting was also attended by Indian Ambassador to US Taranjit S Sandhu; Chief Economic Advisor V Anantha Nageswaran; and virtually by the Chairperson of the International Financial Services Centers Authority (IFSCA), Injeti Srinivas.

The International Financial Services Centers Authority (IFSCA) is a unified authority for the development and regulation of financial products, financial services and financial institutions within the IFSC in India. Currently, GIFT-IFSC is the premier international financial services center in India.

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