The Indian cabinet has approved a bill that, if ratified by parliament, would allow foreign universities to establish new campuses and offer degrees to Indian students.

With around 500 million young people in India under the age of 25, the demand for university education is predicted to skyrocket, with the expectation that 40 million students will need to be served over the next 10 years.

Describing the bill, Education Minister Kapil Sibal said it was “a milestone which will enhance choices, and increase competition and benchmark quality. A larger revolution than even in the telecom sector awaits us.”

Around 50 foreign institutions are said to be keenly interested in establishing a presence in India, especially those from English-speaking nations due to the high number of Indians familiar with English. However, the bill also includes strict rules on the types of institutions that may be established; foreign universities must invest a minimum of $13 million and would be prohibited from repatriating profits.

It remains to be seen whether the current bill will be approved by parliament; it has been pending for the last four years and could face stiff opposition.