Kolkata: No more subsidy on course fees at Indian Institute of Management Calcutta (IIM-C) — the institute on Saturday decided to raise the fee for its flagship two-year post graduate programme in management by a whopping 50% to Rs13.5 lakh.
The new course fee would be effective from the session beginning this year and is in line with the revised fees announced by IIM Bangalore and IIM Ahmedabad last week, Ajit Balakrishnan, chairman of IIM-C’s board of governors, said. IIM Ahmedabad and IIM Bangalore has raised course fees to Rs13.7 lakh and Rs13 lakh respectively.
IIM-C is building a 300,000 sq. ft building within the campus, hiring new teachers and allocating more funds for research, Balakrishnan said, explaining why the course fee had to be raised.
With this steep increase in course fee — the second in two years — IIM-C will fully recover costs, according to its chief administrative officer Dinesh Verma. “There could even be marginal gains whereas until a few years ago, under-recovery per student was as high as Rs7 lakh,” he added.
Last year, IIM-C had raised course fee from Rs7 lakh to Rs9 lakh.
To students who need financial assistance, IIM-C offers scholarships and fee waivers. Around 10% of its students currently receive 100% fee waiver, Balakrishnan said, adding that the institute was looking to offer more scholarships.