IIM-B hikes PGP fees by Rs 1.5 lakhs

According to the information shared by IIM-B with MBAUniverse.com, for the PGP batch being taken in 2008, the fee for the first year will be Rs 4 lakh, while fee for the second year will be Rs 5 lakh. For the batch of 2009, the fee will be Rs 5 lakh per year. The current fee of PGP at IIM-B is Rs 2.5 lakh per year.

This announcement was made by Dr Pankaj Chandra, Director, IIM-B after the meeting of the Board of Governors on March 25, 2008.

Giving the reason behind the increase in fee, IIM-B told MBAUnivese.com, The fees has increased to bridge the gap between what the institute incurs as cost and what it earns by way of the fee.

The institute is increasing the scholarship provided to students from the economically weaker sections from Rs 91 lakh to Rs 1.5 crore for 2008-09, says IIM-B.

While delivering the Convocation address on March 25, Dr Chandra said, The Institute is strongly committed to the philosophy that no student will be denied an opportunity to pursue the Post-Graduate Programme in Management for want of financial resources. The Institute provided financial assistance amounting to Rs 91 lakhs to 49 students during the year 2007-08.

It is learnt that a few other IIMs are also planning to hike the fees.