Indian Institute of Management, Bangalore (IIM-B) has decided to increase the fee for its two-year flagship post graduate management programme by Rs 25,000 to Rs 5.25 lakh for this academic year. The fees will be further hiked to Rs 5.75 lakh for students who begin the two-year course in 2010.
Announcing the fee hike in Bangalore today, IIM-B Director Pankaj Chandra said the institute is increasing the fee as it is bearing additional cost with regard to wage increases brought in place following the Sixth Pay Commission. In addition to this, the institute is also paying increased pension to 200 pensioners.
Chandra said the institute is also taking up construction of building of hostels, class room, staff quarters to accommodate the increase in OBC quota and all these costs are forcing them to increase the fee.
IIM-B is also increasing the number of students on campus to 350 for 2009-10 from the current 270. "We are adding one more section to accommodate the increase," Chandra added. In addition to the flagship MBA program, IIM-B is also taking in 75 student for its executive post graduate management program, public policy programs and fellow programs. "Taking all these programmes, at the end of the admission cycles the total enrollment would be 1,200 students at the end of the ensuing admission cycle from last year's 962," Chandra detailed.
He also added that they are having to increase the fee for the student as during the past five years the Union government has not facilitated any grants. The institute is also adding 14 more faculty for the ensuing academic year.