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.
