New Delhi: According to industry body ASSOCHAM, India can save almost $7.5 billion (approx. Rs 34,500 crore) foreign exchange annually, which students spend on their study in foreign countries. It might become possible through allowing foreign universities to locate their campuses in the country.
ASSOCHAM President Swati Piramal said the country has to spend a foreign exchange outflow of $10 billion annually for students going abroad. By establishing foreign universities’ campuses in India, it could be saved by preventing three-fourth of students to leave country for study abroad.
Further added to its advantage, ASSOCHAM indicated that the campuses of foreign universities in India might prevent brain drain. Meanwhile, foreign universities are seeking to establish their campuses in various places of India, including New Delhi, Hyderabad, Chennai, Chandigarh, Pune and Mumbai.
The Union Cabinet had approved a Foreign Educational Institution (Regulation of Entry and Operation) Bill, 2010, on March 15, to introduce into the Parliament. According to the bill, the foreign universities are allowed to set up their campuses in India.
