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IIM raises fee by Rs 2.7 lakh

Calcutta, April 5: The Indian Institute of Management, Calcutta, will raise the fee for its two flagship courses from Rs 13.5 lakh to Rs 16.2 lakh from the academic session beginning in June.

The 2.7-lakh increase is for the two-year postgraduate diploma in management (PGDM) and the postgraduate diploma in computer-aided management (PGDCM) courses.

The board of governors, the highest decision-making body of the oldest B-school in India, approved a proposal to raise the fee this afternoon, hours before the institute’s 49th convocation.

“The last time tuition fee was hiked was four years ago. So, this year, we decided to match our fee with that of IIM-A (Ahmedabad) and IIM-B (Bangalore). Because of inflation, it’s high time the course fee was increased to ensure that we maintain the quality of our teaching and learning,” said Ajit Balakrishnan, the chairman of the IIM-Calcutta board.

In 2010, IIM-Calcutta had increased its course fee to Rs 13.5 lakh from Rs 9 lakh.

“Considering that the hike this year is more moderate than the increase four years ago, we believe students won’t find it difficult to cope with it,” an IIM-Calcutta teacher said.

Sources in the institute said that initially, it was proposed that the fee would be increased to an amount between Rs 14.5 lakh and Rs 15 lakh.

The proposal was discussed by faculty council members before sending it to the board of governors.

“During the discussions, it was felt that a nominal fee hike would not be enough to meet the rising costs. Although the IIMs operate under the Union human resource development ministry, they rely entirely on the tuition fees and funds generated from the corporate sector to meet their expenses,” an IIM-Calcutta official said.

The fee of IIM-Ahmedabad’s flagship management programme is Rs 16.6 lakh and that of IIM-Bangalore is Rs 17 lakh.

This year, IIM-Ranchi hiked its fee for the coming academic session from Rs 9 lakh to 10.5 lakh.

Balakrishnan said IIM-Calcutta would offer more scholarships. “Currently, we append about Rs 5 crore in scholarships, we want to add a few crores to that. We at IIM-C feel that if a student is meritorious, then money should not be a constraint,” he added.