New Delhi, March 3 : The Deakin University of Australia has become the first foreign varsity to receive approval of the International Financial Services Centres Authority (IFSCA) to set up an International Branch Campus (IBC) in India, an official said on Friday. The IBC will be set up in Gujarat International Finance Tec-City (GIFT City). "By virtue of this approval, Deakin University will be able to offer the same degree courses it offers in Australia in the areas of Science, Technology, Engineering, Mathematics and Financial Management in GIFT IFSC to both Indian and foreign students. The degree offered shall be identical or similar to that offered in the home jurisdiction," IFSCA chairperson Injeti Srinivas said. "Apart from making available world class education within India (GIFT-IFSC), it is also expected to be a huge value proposition in terms of reduced costs for students with greater international employment opportunities. This will also lead to greater internationalisation of GIFT-IFSC by attracting students from all parts of the world," he added. Finance Minister Nirmala Sitharaman, in the Budget 2022-23 speech had announced that "world class foreign universities and institutions will be allowed in the GIFT City to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics, free from domestic regulations, except those by the IFSCA to facilitate availability of high-end human resources for financial services and technology". The IFSCA said that the setting up of world class educational institutions in GIFT will contribute to developing a robust extended ecosystem and make available high-end human resources to the financial institutions operating out of GIFT City. /IANS