Lucknow: Indian Institute of Management (IIM) Lucknow has announced an unprecedented hike in the fee structure, for the two year post graduate diploma program. IIM Luknow has upped the fee structure by 60 per cent. The fee is raised to Rs 8 lakh from Rs 5 lakh for the program.
IIM Lucknow Director, Prof Devi Singh said that the Central Government will soon stop the development grant of Rs 10 core allotted to the institute annually, as it is given to the institutes which are in the developing stage. According to the rule, as an institute reaches the benchmark of Rs 50 crore, the `bloc grant' is stopped. He further mentioned that the institute is on the verge of meeting the benchmark.
The `bloc grant' to older IIMs like IIM Ahmadabad and IIM Kolkota was withdrawn few years ago as they reached the benchmark. Both the institutes have upped their fee structure now, which is Rs 12.5 lakh and Rs 9 lakh respectively. They too cited the end of grant prime reason for the hike in the fee.
Prof Singh also added that IIM Lucknow management had decided to expand facilities and students intake. The number of students admitted for the new academic session would go up from 370 to 420.
