IIM Mumbai to Hike Annual Fee to Around INR 10.2 Lakh for Each Program; Check Details Here

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IIM Mumbai is implementing a substantial annual fee increase, bringing it to about INR 10.2 lakh per program, marking an average yearly hike of around 40%. This decision places the institute's fees at the lower end of the fee range for IIMs.

IIM Mumbai to Hike Annual Fee to Around INR 10.2 Lakh for Each Program

New Delhi: IIM Mumbai has decided to implement a significant increase in its annual fee structure, bringing it to approximately INR 10.2 lakh for each program. This represents an average annual increase of around 40%. Over a two-year period, this decision places the institute's fees at the lower end of the fee range for IIMs.

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Among the IIMs, the highest fee will be at IIM Kolkata, set at INR 27 lakh, followed closely by IIM Ahmedabad, where the incoming batch of 2023 will be required to pay INR 25 lakh.

Additionally, IIM Mumbai, in Powai is preparing to admit fresh students for the 2024-26 academic session. It will offer a general MBA program along with postgraduate courses such as MBA (Sustainability) and MBA (operations and supply chain management).

The Director of IIM Mumbai, Manoj Tiwari, explained that they examined the fee structures of other IIMs with similar rankings and made it clear that they had no intention of increasing their fees by three or four times. The institute aims to offer affordable education to the deserving masses of India.

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Tiwari also mentioned that the institute has received government funding for the construction of additional infrastructure on campus. However, starting next year, they will need to establish their financial independence and build their own financial resources.

The director further mentioned that the new fee structure of IIMs will be finalised after the board of governors convenes to decide on a fee that will ensure students receive a prompt return on their investment.

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Similar to other IIMs, IIM Mumbai will have reserved quotas, including 15% for scheduled castes, 7.5% for scheduled tribes, 27% for candidates from other backward categories, and 5% for the economically backward category. This last category is set to increase to 10% next year when additional hostel rooms become available.

To improve the gender balance, preference will be given to female candidates, aiming for a campus population comprising 35% women. The construction of a new hostel on campus will address capacity constraints and allow for increased student intake next year, he said.

This year, IIM Mumbai has planned to enrol approximately 300 students for its general MBA program and roughly 180 students for each of its other postgraduate courses, such as an MBA in sustainability and MBA in operations and supply chain management.

The institute currently has 1,260 hostel beds, which can accommodate around 600 to 700 full-time students. To facilitate an increase in student intake, the institution intends to expand its infrastructure by securing loans from HEFA (Higher Education Financing Agency) and obtaining viability gap funding from the government.

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