New Delhi, Feb 1 (IANS): The Centre on Tuesday said that world-class universities and institutions will be allowed to set up their campuses in Gujarat's International Finance Tec-City (GIFT City).

While presenting the Budget 2022-23 in Parliament, Finance Minister Nirmala Sitharaman said that path has been eased for reputed foreign universities to establish their campuses to offer courses in financial management, fintech, science, technology, engineering and mathematics in the GIFT City.

These universities and institutes will be exempted from domestic regulations except for courses run by International Financial Services Centre (IFSC). This will provide world-class training in financial services and technology.

Sitharaman said that 750 virtual laboratories in courses like science and mathematics and 75 skilling e-labs for synchronous learning environment will be established for the year 2022-23. This will help promote critical thinking skills and place creativity under the vocational curriculum.

A competitive mechanism would be set up to empower and equip teachers with digital tools of teaching to generate quality e-content and achieve better learning outcomes.

Skill development programmes and partnership with industries will be given a new direction, the FM said. "This will continue to boost the skill dimensions and increase their sustainability and employability," she added. The National Skill Qualification Framework (NSQF) will be aligned with the progressive industrial needs.

The Digital Ecosystem for Skilling and Livelihood -- The DESH-Stake e-portal will also be launched. The objective of this portal is to empower the citizens in such a way that they can develop their skills through online training. Under this API-based trusted skill credentials will be provided.