NOIDA– Indian Institute of Management, Ahmedabad (IIM–A) has revised the fee structure and it is hiked for the post graduate management programme. The revised fee from 2019 would be Rs 23 lakh. Now other IIMs are also expected to follow the suit and raise their fee by 3-4.5 percent from this academic session.
As per IIM-A, the fee hike from this academic year is caused by inflationary pressures.
It’s been the four years consecutively now that IIM-A has hiked its fee. Last year, the fee was revised from Rs 21 lakh to Rs 22 Lakh.
“Costs have been on the rise and the fees are inadequate to meet the rising expenses. Fees could rise by up to 4.5 percent across the institutes. But students can get access to the scholarship opportunities,” alleged a senior IIM executive.
This decision will be effective from the commencement of current academic session i.e. June-July 2019.
In India, there are currently 20 operational IIMs. The IIMs at Ahmedabad, Bangalore, Calcutta and Lucknow are considered the older ones and most preferable by the students. On the other hand, IIM Kozhikode, Indore and Shillong were established between 1996 and 2010. These seven IIMs collectively constitute and complete the first generation of IIMs.
The second generation includes the IIMs set up at Ranchi, Raipur, Rohtak, Kashipur, Trichy, Nagpur, Udaipur, Bodh Gaya, Amritsar, Sambalpur, Sirmaur, Jammu, and Visakhapatnam.
The meeting by the board of individual IIMs is expected to be held within coming few weeks regarding the revision in fee structure. The fee structure at each IIM varies and reviewed every year.
At different IIMs, the fee structure ranges between Rs 10 lakh and Rs 23 lakh for two-year postgraduate program. IIM-A charges the maximum fee among all and considered the best management institution in the country.
As per the sources, the fee hike percentage at older IIMs may be higher than the newer ones. The second generation IIMs may hike the fee by 1-2 percent for the postgraduate program.
The IIMs have the right to amend their fee structure since they are funded by the central government.
As per the budget of 2018-19, the IIMs were proposed to be allocated Rs 1,036 crore for infrastructural development. But the actual fund earmarked was Rs 372cr. Now Rs 415.41 crore have been allocated for IIMs in the interim budget of 2019-20.
Not only the fee structure, but also the placement scenario at these prestigious institutes has seen a remarkable rise recently. Reportedly, there is a hike of 15-205 in the packages offered by top recruiters witnessed at premier IIMs.