Bangalore: Indian Institute of Management (IIM) Bangalore has announced an increase of Rs 25000 for the postgraduate degree program for the coming academic session of 2009 -10.
IIM Bangalore Director, Pankaj Chandra, told reporters in an interview that fees has been increased by Rs 25000 to Rs 5.25 lakh from Rs 5 lakh for the first year 2009 -10and by Rs 50000 to Rs 5.75 lakh from Rs 5.25 lakh for the second year 2010-11. He also mentioned that one of the prime reasons for the hike is to meet increase following the Sixth Pay Commission scales for faculty and other staff. He did not fail to point out that the institute does not get any additional financial support from the government for the proportionate increase in pension outlay.
Despite the constant increase in student intake for PG and other management program every year, the institute does not get any government funding for capital expenditure on infrastructure expansion. The B-school is investing Rs 450 million for expanding its infrastructure such as lecture halls, library, hostels and faculty rooms. It is also planning to increase the seed fund, from Rs 10.5 million to Rs 20 million, in order to give loan to deserving students.
