In not a good news for those students looking to grab a berth in Indian Institute of Ahmedabad (IIM-A), it has increased the fee for its flagship two-year postgraduate programme in management (PGPM) from Rs 18.5 lakh to Rs 19.5 lakh.
The new fee structure will be applicable from the 2016-18 batch, the institute said in a press release isued on its website. Those willing to pursue their dreams in Management Colleges will have to spend some bucks from their wallet.
"The IIMA Board has approved the increase of fees for its two-year PGPM ...the amount is cumulative fee for both years, including tuition, academic support, accommodation, basic health care, medical insurance, and alumni association membership fee," the press release said.
The institute stated that the increase is necessitated as the institute's costs have been rising in step with inflation. It added that despite increase, IIM-A fees have "tended to lag inflation rate over the past several years."
"Taking 2009 as base, even with the proposed increase, 2016-18 fee would be 10 per cent lower in inflation adjusted terms compared to 2009-11 fee...Although we continue to drive for efficiency, part of the cost increase is reflected in fee increase," the institute stated.
Quoting its director Ashish Nanda, it stated that the institute is "committed to continue offering deserving students the most generous scholarship scheme among management schools in India."
"For 2016-17, financial aid is being offered to 251 PGP and PGP-FABM students, which is 29 per cent of the total student strength," director Nanda was quoted as saying.