IIM Calcutta Hikes Fees by Rs. 1 Lakh Per Year

IIM Calcutta Hikes Fees by Rs. 1 Lakh Per Year

Studying at Indian Institute of Management, Calcutta just got more expensive. First-year students will have to shell out Rs. 1 Lakh more from this session, with the annual fee being increased to Rs. 3 Lakh from Rs. 2 Lakh. The fee will be

further raised to Rs. 4 Lakh in 2009. Second-year students, however, have been spared any fee increase.

The hikes were announced on Tuesday, February 26, 2008, following a board of governors' meeting at the institute. IIM-C Director, Shekhar Chaudhuri, said, "Costs have risen and are expected to increase even further once the Sixth Pay Commission recommendations are implemented, which will increase all salaries at the institute."

He added, "The decision was also taken keeping in view the fee increase at IIM Ahmedabad, IIM Bangalore and other institutes." IIM Bangalore, in fact, has increased annual fees for first-year students to Rs. 3.5 Lakh.

Moreover, IIM-C incurs a deficit of Rs. 1.5 Lakh on every student each year. "The cost of teaching and hostel facilities, together with other privileges for students, amount to a staggering Rs. 3.5 Lakh every year. The fee increase will help us meet growing expenditures, while providing students better opportunities and improved facilities," said IIM-C's Chief Administrative Officer, Dinesh Verma.

The fee hike will also allow Eastern India's premier business school more freedom, while making budgetary allocations and make it more self-sufficient.

IIM-C has also brought about a change in the need-based scholarship scheme. So far, students from house-holds with annual incomes of up to Rs. 2 Lakh were eligible for scholarships offered by the institute. From this year, the eligibility margin has been increased to Rs. 4 Lakh.

"There are at least 25-30 students whose fee gets waived every year. The new scheme will encourage more students from financially weak backgrounds to seek admission," added Shekhar Chaudhuri.

Concluded.

Contributed by -
Aloke Guin,
PRO,
Indian Institute of Management, Calcutta.

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