Jamshedpur, June 3: Dream of studying at India’s elite B-School will now be more expensive. XLRI, one of the top business management institute of the country has increased its fee which would be applicable from the 2016-18 session.
For the two-year HRM (Human Resources Management) and BM (Business Management) course students will have to dole out Rs 17.50 lakh. Compared to last year the fee has been increased by 7% which has been approved by the governing body of the college. For the same the XLRI management reviewed the fee increase at all level and it was decided that to maintain the quality the fee must be increased.
The main reason behind the fee increase is basic infrastructure of the institute and salary hike of the faculties.
Significantly, at least nine of India’s top business schools have either increased or are in the process of raising course fees by 7-30% for management aspirants this year, citing inflationary pressures and rising operational expenses.
That translates to fee increases of Rs 46,000 to Rs 3.2 lakh, depending on the institute. The Indian Institute of Management (IIM), Lucknow, has affected the steepest hike of 30% for the Class of 2018 (2016-18 batch), followed by IIM Kozhikode (23%). While the former has raised fees to Rs 14 lakh, Kozhikode has increased it to Rs 16 lakh.
India’s most expensive management programme is offered by IIM Ahmedabad, which increased its fees by 5.4% to Rs 19.5 lakh. Next is†IIM Calcutta, which has raised fees 16.5% to Rs 19 lakh.
Private schools such as Management Development Institute (MDI), Gurgaon, and International Management Institute, (IMI) Delhi, have also increased fees. At MDI, tuition fee is up 7% at Rs 17.15 lakh, while IMI has raised it by 3% to Rs 14.96 lakh.
With the current round of fee increases, the cost of management education at the top institutes has gone up four-five times in the past nine years. Fees at IIM Ahmedabad and IIM Calcutta, which were Rs 4 lakh nine years ago, have risen almost five-fold to Rs 19.5 lakh and Rs 19 lakh, respectively.
The XLRI management had increased the batch size two years back. Earlier 180 students were in HRM and BM courses which has been increased to 360 students. All the students are admitted through XAT entrance exam. All the 360 students have been selected and the 2016-18 batch will start by next month.
Meritorious students who have taken admission in the college will be given scholarship. The scholarship amount has not been announced yet.
The facility is provided to poor and brilliant students through different companies along with NGO and the institute. Himanshu, a student of the college was provided Rs 16 lakh scholarship during previous session.