Indian Institute of Management (IIMs) fees cut by 80% !
Economic Times says: It's a classic case of what's good for the student is harmful for the institution. On Thursday, the Human Resources Development Ministry slashed IIM yearly fees by 80 per cent to Rs 30,000, as against the current annual fee of Rs 1.5 lakh.
This means a substantial decline in the income of the IIMs, jeopardising the viability of the newer IIMs at Lucknow, Kozhikode and Indore.
There is also the possibility of a caste system emerging among the six IIMs, with the big three - Ahmedabad, Kolkata and Bangalore - emerging as the superior ones.
The drastic cut in student fee comes on top of a 40 per cent reduction in government support to the institutes. While HRD minister Murli Manohar Joshi had assured that the IIMs will never be starved of funds - provided they carry on with their 'good work' - things look rather bleak for them within the span of three days"
The whole approach is so stupid ! I don't think any student has needed to drop out of the IIMs because of the fees issue...if one has a letter from any of the top 10 Indian institutes banks line up to give student loans which can be paid very easily. I availed of such a loan from Canara Bank to see me through 50% of XLRI's fees in 1999. And after that things have just got better.
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