It will certainly be mutually beneficial

It is a wonderful, very positive idea as India is on the path of growth and development with a lot of international linkages and the presence of a large number of education providers from overseas . So, Indian students and foreign universities, and all other stakeholders , would benefit mutually.

Overseas universities/institutions would benefit from the cultural richness and heritage that is available in India while our students/universities would benefit from the curriculum , course content, teaching methodologies and awareness of research which is not available to that extent in our country.

There are virtues, traits and qualities available only in India and not in the western countries , e.g., flexibility, improvisation, intuition, instinct which are very necessary to make any career anywhere in the world. As to whether big and renowned universities will not come and only the smaller ones will, that is a fear which is not based on ground realities.

Each foreign university, whether it is Harvard , Cambridge, Oxford, etc, will come to India a little more prepared. They will come because of the intelligence of our students and because a large number of youth in our country cannot be neglected. In India, there is a value for a foreign university and even if it is a B+ foreign university giving a degree, it will carry a lot of value. So, one can affirm that all big universities would also come to India, but with a little more preparation. 

Source : http://economictimes.indiatimes.com/ET-Debate/It-will-certainly-be-mutually-beneficial/articleshow/5700337.cms