For its two-year postgraduate programme (PGP) in management, Indian Institute of Management, Ahmedabad (IIM-A) has raised its fees by Rs. 1 lakh, which means a rise of Rs. 50,000 in each of the two years.
The new fee structure will affect the students securing admission in the academic year 2010. They will have to pay Rs. 12.5 lakh for the PGPM - which means a break-up of Rs. 6 lakh instead of the earlier Rs. 5.5 lakh for the first year; and Rs. 6.5 lakh in place of Rs. 6 lakh for the subsequent year.
According to an IIM-A spokesperson, since the change in the fee structure is apply to the 2010-12 batch, the existing fees will have to be paid by the students who secure admission for the 2009-11 batch, to be admitted in June this year.
With the topmost B-school of the country having decided to hike the PGPM fees, the move will surely affect the other B-schools in India. IIM-A director Samir Barua pointed out that the percentage of the institute's fee increase is considerably lower this year, in comparison to the fee hikes that have been implemented by other management institutions in the country.
It was under the chairmanship of Dr Vijaypath Singhania that the insitute's governing council took the decision of the fee hike on Sunday, the "extended" second day meeting of the council!