Click to play videoNew Delhi: The Indian Institute of Management-Ahmedabad (IIM-A) had decided to hike the fees for the Post Graduate programme for students joining in June 2008 by two-and-a-half times.
The fee for the first year has been increased from Rs 2.20 lakh to Rs 5.50 lakh while the students will have to pay Rs 6 lakh in the second year instead of Rs 2.40 lakh that they currently pay.
So, instead of Rs 4.60 lakh for the two-year programme students will now have to pay Rs 11.50 lakh in all.
The fee hike is effective from the next financial year and that means it's effective for the batch joining in June 2008.
Chairman of IIM-A Board of Governors Vijaypat Singhania justified the steep hike.
"I think this is essential because an institute as reputed and as important as IIM should have a sound financial base without which the future of an institute becomes questionable," he said.
Singhania also said the board has decided to triple the annual family income limit from Rs 2 lakh to Rs 6 lakh for a student to be eligible for financial support and added that graded need-based financial assistance would be available to eligible students, who qualify for the financial support.
In the recent past, other IIMs too have increased fees citing rising operational costs.
Last week, IIM- Bangalore increased fees from Rs 2.5 lakh to Rs 4 lakh for the fresh batch.
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