Indian Institute of Management Mumbai has decided to increase its annual fees for each program to about Rs 10.2 lakh. This increase is an average annual increase of about 40%. In two years, this amount is around Rs 20 lakh. However, if we look at the fees of other IIMs of the country, Bombay IIM is at the bottom in the list. The highest annual fee is of IIM-Kolkata, which is Rs 27 lakh. IIM Ahmedabad is the second management institute in the country with the highest fees. The fees for IIM Ahmedabad for the incoming batch of 2023 is Rs 25 lakh. The college located in Powai will open for new admissions in 2024-26. Apart from postgraduate courses like MBA and MBA in Operations and Supply Chain Management, a general MBA will also be offered here.
This year, the National Institute of Industrial Engineering in Mumbai, a management institute for engineers, is created by an Act of Parliament. Here MBA will be done by IIM. Manoj Tiwari, director of IIM Mumbai, said that we looked at other IIMs which were of similar rank and we were clear that we did not want to increase our fees by 3 times or 4 times. We want to be an institution that is affordable to the people of India who have the ability to join us.
Manoj Tiwari said the institute has received government funds to build additional infrastructure on the campus, but it will have to build its own funds and become financially independent from next year. The director said that the new fee structure will be finalized after the Board of Governors meeting and it will be decided what will give the students quick returns on their investment. Like other IIMs, Mumbai will also have a quota of 1.5% for Scheduled Caste, 7.5% for Scheduled Tribe, 27% for Other Backward Classes and 5% for Economically Backward Class, which will be increased to 10% next year. will be increased.
Women are being given priority to improve the sex ratio so that 35% of the campus population is women. A hostel is under construction in the campus and after its completion by next year the number of students will be increased. This year, IIM-Mumbai will admit around 300 students for general MBA and around 180 students each for other postgraduate courses like MBA (Sustainability) and MBA.
Manoj Tiwari said that with 1,260 hostel beds, we can currently accommodate 600/700 full-time students. To increase the number of students, the institute will enhance its infrastructure by taking HEFA loan and feasibility gap funding from the government.
