Studying at the premier Indian Institutes of Management is no longer cheap. The Indian Institute of Management Ahmedabad on Saturday almost trebled the fee for its flagship two-year post-graduate management programme from Rs 400,000 to Rs 11.5 lakh (Rs 1.15 million), beginning from this academic year. The fees have gone up from Rs 200,000 each year to Rs 550,000 for the first year and Rs 600,000 for the second.
Its fee hike is the highest among all IIMs. The institute had earlier announced a fee hike for its Post-Graduate Programme in Management for Executives from Rs 10 lakh (Rs 1 million) to Rs 14 lakh (Ra 1.4 million) for the 2008-09 batch.
Earlier this week, IIM-Bangalore too had hiked its fee from Rs 500,000 to Rs 800,000. And earlier this month, IIM-Calcutta announced a fee hike of 75 per cent, from Rs 400,000 to Rs 700,000, for its 2008-2010 batch. However, the 2009-2011 batch at IIM-C will shell out Rs 800,000 for the PGP programme.
Vijaypat Singhania, chairperson, IIM-A board, said, "The IIMs should not be financially supported by anyone. Recently, IIT Bombay had to ask the government for funds, which was a shameful state of affairs. I do not want this to happen to IIM-A. IIMs should not be dependent on outside resources. IIM-A is capable of standing on its own feet."
He added, "I am not supporting profiteering in educational institutes. But creating surplus is important. The government (HRD Ministry) needs to give more autonomy to such institutes that create a great tomorrow. If the government interferes in the institute's affairs, the basic foundation of the institute will be shaken."
The IIMs are increasing the fees in view of rising costs and to meet growing expenditure, while providing better opportunities and improved facilities to the students.
IIM-A, IIM-C and IIM-B do not receive grants from the government and support their academic activities with their own funds. The three IIMs are planning to better the salaries of their professors and an increased fee would help in doing just that.
