The Indian Institute of Management-Bangalore (IIM-B) Thursday announced a modest increase in the fee structure for post-graduate programmes from the ensuing 2009-10 academic year.
The fee has been increased by Rs.25,000 to Rs.5.25 lakh from Rs.5 lakh for 2009-10 and by Rs.50,000 to Rs.5.75 lakh from Rs.Rs.5.25 lakh for the second year (2010-11), IIM-B school director Pankaj Chandra told reporters at the school campus.
The institute is also increasing the seed fund for giving loans to deserving students to Rs.20 million from Rs.10.5 million.
"Funding the education needs of deserving students will not be an issue despite constraints. Going forward, the seed fund will be increased to Rs.30-40 million, as admission capacity is set to increase in the coming years," Chandra said.
With student intake for PG and other management programmes being increased every year, the B-school is investing Rs.450 million in expanding its infrastructure such as lecture halls, library, hostels and faculty rooms.
The strength of the new batch will be 350 students as against 270 in 2008. The total number of students doing management courses, including doctoral programmes will be about 1,200 from the new academic year as against 960 in 2008-09.
"One of the reasons for the fee hike is to meet the wage increase following the Sixth Pay Commission scales for faculty and other staff. The institute also does not get additional funding from the government for the proportionate increase in pension outgo," Chandra said.
{{/usCountry}}"One of the reasons for the fee hike is to meet the wage increase following the Sixth Pay Commission scales for faculty and other staff. The institute also does not get additional funding from the government for the proportionate increase in pension outgo," Chandra said.
{{/usCountry}}The autonomous institute also does not get any government funding for capital expenditure on infrastructure expansion.