| Narayana Murthy releases the demo version of IIM Ahmedabad student Gaurav Dagaonkar’s debut music album. Gaurav’s classmate Sarath will set up his own catering business. (PTI)
April 1: The Indian Institute of Management, Calcutta, will raise fees by Rs 25,000 a year from the academic session beginning in May.
The IIMC board of directors, headed by Y.C. Deveshwar, took the decision to increase the annual fees for the two- year management course from Rs 1.5 lakh at present to Rs 1.75 lakh.
“The decision to raise the fees was taken by the IIM Calcutta board of directors this morning and it will be implemented from the coming academic session,” IIMC director Shekhar Chowdhury told The Telegraph today.
IIM Bangalore had agreed on an identical hike of Rs 25,000, taking its annual fees to Rs 1.75 lakh, at its March 28 board meeting but is yet to announce the decision. It will also increase seats from 235 to 275.
The IIM Ahmedabad board meets tomorrow, when a fee increase is expected to be approved. A TV channel said the fees would go up from Rs 1.58 lakh a year to Rs 1.8 lakh.
Infosys chief mentor N.R. Narayana Murthy, who heads the IIMA board, said today the faculty need to be paid better and that the institutes should get more autonomy. “Good talent cannot be attracted without offering them good salaries,” he said.
An IIM professor who has put in 10 years gets a gross salary of Rs 42,000 a month. After tax and other deductions, the take-home pay is around Rs 25,000, a pittance compared to what some of their students earn after they graduate.
Autonomy and fees were two issues on which the IIMs had clashed with M.M. Joshi, the HRD minister in the last BJP government. IIMA had led the battle against Joshi’s decision to slash fees, which the institutes saw as an attempt to erode their autonomy.
Present HRD minister Arjun Singh says the IIMs are free to decide their fees, but is in favour of an increase in seats and in the number of freeships for needy students.
IIM Indore today announced a fee hike ' from Rs 1.25 lakh to Rs 1.5 lakh. It will also increase its student intake from 120 to 180, director S.P. Parashar said. The Kozhikode institute has also decided to raise its fees from Rs 1.25 lakh to Rs 1.5 lakh, a TV channel said.
“The decision to raise the fees is of the institute only, and is not binding on the other IIMs. However, they may have agreed to do so after discussing it together and coming to a common consensus,” an IIMC source said.
Of the six IIMs, only Lucknow has yet to take a decision. Director Devi Singh said a hike is on the cards but will be decided later.