The legislation — which will regulate the operation of foreign universities — is being prepared for approval by the parliament, where the government retains a significant majority India’s universities have produced chief executive officers at companies from Microsoft Corp. to Google — now Prime Minister Narendra Modi thinks they can be even better with competition from global names like Yale, Oxford and Stanford. Modi’s government is pushing to overhaul the nation’s heavily regulated education sector to woo nearly 750,000 students who spend about $15 billion each year pursuing degrees overseas, Education Minister Ramesh Pokhriyal ‘Nishank’ said in written responses to questions. The legislation — which will regulate the operation of foreign universities — is being prepared for approval by the parliament, where the government retains a significant majority. It represents a change of heart for the ruling Bharatiya Janata Party, which has long resisted opening up the country’s educa...