India, June 16 -- MUMBAI: Indian students dreaming of a cheaper global education have a boon coming their way. In a first, the University Grants Commission on Saturday issued Letters of Intent (LoIs) to five well-known international universities to set up full-fledged campuses in the country. These campuses will all be in Navi Mumbai, creating the country's first international education hub. This announcement was made by CM Devendra Fadnavis at the 'Mumbai Rising: Creating an International Education City' event at the Taj Hotel, where union education minister Dharmendra Pradhan was present along with Maharashtra higher and technical education minister Chandrakant Patil, UGC chairman Vineet Joshi, bureaucrats, diplomats from the UK, Australia, USA and Italy and representatives from the five universities. Fadnavis said that the universities, set up under the National Education Policy (NEP), would bring "world-class education at significantly reduced costs" to students-25 to 30 percent of what they pay to study abroad. "The campuses will be set up in the area around the Navi Mumbai International Airport," he said. "The government's larger goal is to have at least 10 international universities in this region." The chief minister said the proposed education hub was already well equipped with the necessary transport infrastructure, including the Atal Setu and other transport networks. "This initiative is expected to give Mumbai, known mainly for its industries, finance, and entertainment, a new identity as an academic destination," he said. When asked whether the universities would have scholarships, Fadnavis said it was up to them and depended on their policies. "The government has not asked for any scholarships from them," he said. A senior officer from UGC stated that UGC regulations for foreign universities had a provision of need-based scholarships, but the universities would have the autonomy to decide about these. The CM also spoke about a recent MoU signed between the University of Western Australia and Gondwana University in Gadchiroli. The partnership will focus on mining education and training, an area where Australia has strong expertise. "The collaboration will play an important role in developing Gadchiroli as a mining hub and creating a skilled workforce for this sector," he said. Pradhan said that the international education hub was a major step towards realising the vision of a "developed India by 2047". "Mumbai is the financial capital and also the city of dreams," he said. "With this initiative, it is also set to become a global education capital." The minister emphasised that India had a rich tradition in education in ancient times and this project was a part of the country's effort to "reclaim that legacy". Speaking about NEP 2020, Pradhan said that the policy allowed foreign universities to open campuses in India, and likewise, leading Indian institutions could also establish campuses abroad....