Kolkata, Feb 28 (UNI) With a view to cutting rising costs and providing better facilities to students, the country's premier B-School decided to hike the annual fees by Rs one lakh for the two-year post graduation programme.
The management institute has been doing so to impart better facilities to the students. However, it is a huge dissapointment for students who clear the entrance exam but fail to study there following financial crunch.
''The hike will not affect students of the current academic session. The new fee structure will be implemented for the 2008-10 batch with each of them shelling out Rs seven lakh in comparison to Rs four lakh,'' Mr Debtosh Mishra, External Relations secretary of IIM-C, told UNI today.
However, students seeking admission to the 2009-11 batch would have to pay Rs eight lakh, he added.
From among the six B-schools--IIM-Bangalore, IIM-Kozhikode, IIM-Lucknow, IIM-Indore, IIM-Calcutta and IIM-Ahmedabad--the last two have already decided to increase the annual fee by Rs one lakh.
Others are also expected to decide on fee hike at their board meetings in early March.
IIM-C had announced to hike the annual fee in two phases--Rs three lakh from Rs two lakh in the first year and Rs four lakh from Rs two lakh in the second year.
Last year, the fee was hiked from Rs 1.75 lakh to Rs two lakh per annum.
According to IIM-C Director Shekhar Chaudhuri, the decision was taken in view of the rising costs to help the institute meet growing expenditures while providing the students better opportunities and improved facilities.
Costs have risen and are expected to increase even further once the Sixth Pay Commission recommendations would be implemented, which would increase all salaries at the institute, he added.
IIM-A had already hiked the fee for its two-year post graduate management programme to Rs three lakh per annum from the 2008-09 batch. It was Rs two lakh the previous year.
Besides, cost for the post graduate programme in management for executives (PGPX) has been increased from Rs 10 lakh to Rs 14 lakh, starting from the 2008-09 batch.
Meanwhile, the institute has decided to increase its need-based scholarship scheme for students with annual family income of Rs two lakh to Rs four lakh, Mr Mishra said.
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