Trend reversal: IIM-L reduces fee by 10%

Indian Institute of Management, Lucknow (IIM-L) today announced to reduce fee for the Post Graduate Programmes (PGP) by 10% from the existing Rs 12 lakh to Rs 10.8 lakh.

The fee reduction has been effected for the flagship PGP in Management and PGP in Agri-business Management (ABM) courses.

This is probably the first time such a decision of fee rollback had been taken in any of the IIMs across the country. It marks a trend reversal in the backdrop of upward fee revision mostly reported in the B-schools.

IIM-L Director Devi Singh said the decision had been taken by the IIM-Lucknow Board today. Interestingly, IIM-L has not done any upward fee revision since 2011.

“In the last 9 years, the Institute’s impetus has been on efficient financial management and broad basing our revenue sources. We have been successful in achieving this. We have no reliance on government grants now. Everyone can be assured that this decision does not mean reduction in either the quality of education, infrastructure or any other services in the institute. We would continue with our focus on optimal utilisation of resources and effective financial management,” Singh said.

Meanwhile, IIM-Lucknow Board of Governors, Chairman J J Irani said at a time, when education was becoming costlier, the Institute decided to take a lead.

“This decision would not only help many needy students undertake education at institutions like ours, it will also widen the area of selection amongst eligible students for undertaking the education in IIM’s,” he added.