The human resources development ministry's decision to slash fees of the Indian Institutes of Management by over 80 per cent has left the students of other business schools a disillusioned lot.
They feel the ministry should have rationalised the entire fee structure for management education in the country instead of cutting the fees of only IIMs.
The ministry has recently reduced the IIM fees from Rs 150,000 a year to Rs 30,000 per annum.
The students of other prominent business schools feel betrayed as they pay heavy fees for education.
Deepak Singh, a second-year student at the ICFAI Business School, Ahmedabad, said, "We really feel cheated by the ministry's decision to reduce fees at IIMs. The students of IIMs enjoy the facility of reduced fees at our cost, since we are the taxpayers. If the government really wants to subsidise management education in the country, it should rationalise the fees of all the management institutes and not only IIMs."
"Moreover, the ministry should ask the IIM students to sign a bond that they will not leave the country for at least five years after completion of the course. After availing of subsidised education, most of the students go abroad in pursuit of higher salaries that the multi-national companies offer. They do not contribute anything to the country's economy," Singh said.
Lokendra S Bhardwaj, another student of the same institute, said, "There was no need of reducing the fees of IIMs. The IIMs have enough funds to further reduce the fees. The well-placed alumni of IIMs should support their institutes as in the case of IITs and not the government.
"The government's funds should be better utilised in subsidising the primary and secondary education in the country," he said.
Mayur Airan, a second year MBA student at the ICFAI Business School, Ahmedabad, said, "The ICFAI Business School charges Rs 400,000 for a two-year MBA programme. The students of IIMs get the job of management trainees and we have to work under them as sales trainees after completion of the course."
Nihar Parikh, a second year PGP student at Nirma Institute of Management (NIM), said, "I feel cheated since the benefit of lower fees will go to a very few students who would also go on to get the best salaries."
"The infrastructure and the other facilities are excellent at NIM. They are at par with the international standards," he said.
Many students at NIM felt that the fees charged by their institute is justified.
That is the minimum requirement for quality infrastructure, they said.
Rohi Banshal, a second year student of NIM, said, "Our total fees is around Rs 200,000. The facilities offered is one of the best amongst the B-schools and so it is justified."
NIM charges a fee of about Rs 200,000 for a two-year PGP programme, while the ICFAI Business School in Ahmedabad charges a fees of about Rs 400,000 for a two-year MBA programme.