Karnataka   

Steep increase effected in IIM-B fee

BANGALORE: Management aspirants who dream of getting into the Indian Institute of Management-Bangalore (IIM-B) are in for a rude shock. The institute has raised its fee from Rs. 2.5 lakh to Rs. 4 lakh for the first year, and Rs. 5 lakh for the second year of its Postgraduate Diploma Programme for 2008-10. With this unprecedented hike, IIM-B will be the most expensive B-school in the country.

Director of IIM-B Pankaj Chandra told presspersons here on Tuesday that the decision was the outcome of the meeting of the Board of Governors, held before the annual convocation ceremony. The meeting was chaired by Managing Director and Chairman of Reliance Industries Ltd. Mukesh Ambani. The financial assistance provided to all students in the programme has been increased from Rs. 91.13 lakh to Rs. 1.5 crore.

IIM-Ahmedabad and IIM-Calcutta announced an increase of Rs. 1 lakh a year in February and other IIMs such as IIM-Lucknow and IIM-Kozhikode are expected to follow suit. “I think the institute is expanding in terms of faculty, facilities provided and infrastructure. If I had to get a bigger loan I would be able to manage. But for those who cannot afford it, the institute goes out of its way to provide financial support,” said Aditya Kasyap, a first year student.

Speaking on the occasion, Mr. Ambani said that the IIMs have been providing excellent manpower for the growing economy. Prof. Chandra, in his maiden convocation address said, “I am proud of all of you and exhort you to leave an imprint on India wherever you are.” He also highlighted the fact that the class of 2008 established the Class of 2008 Endowment Fund to support activities at IIM-B. This is the first time that a batch has donated their caution deposit worth Rs. 9,000 for infrastructure development as well as for the social service wing of IIM-B called Vikasana.

The convocation was presided over by Gururaj Deshpande, co-founder and Chairman of Sycamore Networks Inc., who awarded the post-graduate diplomas to 266 students who passed out this year. Eight students were also awarded doctorates. Stressing on innovation and the need for entrepreneurship, Mr. Gururaj said, “I believe that this lot have an opportunity to change the world.”

While Amit Gupta and Abhishek Agarwal won the gold medal for the first and second rank respectively, Sahil Barua won the gold medal for best all-round performance. Subrata Nath won the gold medal for the Post Graduate Programme in Public Policy Management. While most students cheered and celebrated their graduation, it was with a tinge of nostalgia that Mr. Agarwal said that the time spent at IIM would be the best two years of their lives.

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