The Indian Institute of Management, Ahmedabad (IIM-A) on Saturday announced more than 100 per cent hike in the fees for its post graduate programme from next academic year.
Till last year, the fee of IIM-A's PGP programme was Rs 2.50 lakh, which has been increased to Rs 5.5 lakh for the first year and Rs 6 lakh for the second year of the two-year post-graduate programme for the batch joining in June 2008.
This is for the first time that the IIM-A will be charging different fees for the first and second year in the same programme, sources in the Institute said.
The decision was taken unanimously at a meeting of the Board of Governors of IIM-A today, they added.
"The Board of IIM-A reviewed the cost structure of the two-year PGP programme and after an extensive discussion, the Board unanimously decided to increase the fee," Chairman of IIM-A Board of Governors and Society Vijaypat Singhania said.
The Board reiterated the commitment that no deserving student would be deprived of an opportunity to study at IIM-A on account of lack of financial resources, Singhania said allaying concerns that the fee hike will affect poor students who wish to join IIM-A.
"The board has therefore 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. Graded, need-based financial aid will be available to eligible students who qualify for financial support," Singhania further said.
The IIM-A is not taking any grants from the government to run the institute, sources said, adding that the cost overruns for the PGP programme has forced the institute to take such a decision.
An IIM-A student said, "We have not faced any problems in our academic study due to the high fees as we have been getting ample financial assistance".