The Indian Institutes of Management have long been known as the pinnacle of higher education in the country. Apart from providing top quality education to the Indian youth, these institutes also attract talent from other countries. Therefore, despite their high fee, they are considered as a good investment. But that can change now.
Of the total 19 Indian Institutes of Management operating in the country as many as 7 raised their educational cost expenses in the most recent two years with IIM-Lucknow raising it by about 30%, the central government said on Monday.
HRD minister Smriti Irani shared information in the lower house of the parliament. As indicated by the information furnished by her, IIM-Ahmedabad and IIM-Shillong gave a hike of 5% and IIM Lucknow by 29.6%.
IIM-Calcutta climbed its charges by 17.3%, IIM-Kozhikhode 23.1, IIM-Ranchi 19 and IIM-Trichy 20.
The HRD Minister Irani was quoted as saying, "The charges in IIMs is not connected to the expenses in different establishments in the nation. IIMs are self-ruling foundations and are administered by their individual update of affiliations and guidelines of the general public which incorporate the settling of expenses and different charges according to procurements contained in that,".
"The climb in tuition expense has not unfavorably influenced poor-and lower-class students since establishments broaden monetary help, including up to full educational cost charge waiver and support remittance, to students from economically weaker sections," she further added.