Yes, foreign universities should be allowed to enter India, if students want to attend the universities. Foreign universities have experience running educational opportunities, and could do a good job helping educate Indians for jobs related to the technological revolution. These universities can bring good training for students who want them. They should have the option to offer education in India.
Currently, India has many world-class universities. Foreign universities that want to enter India must form degree partnerships with a local institution to award degrees in this country. This is analogous to the US requirement that universities must be accredited by the Department of Education's accrediting bodies. This is completely logical and foreign universities should not be able to enter India or any other country and begin offering unregulated education.