Lucknow, March 17 (IANS) Indian Institute of Management (IIM)-Lucknow is all set to hike annual fees, an official said, as the business school, one of the top in the country, Tuesday awarded 230 students their diplomas in the 23rd annual convocation.
“At present, IIM-Lucknow charges Rs.500,000 for the two-year programme. After the hike, the fee would remain in the range of Rs.500,000-900,000,” chairman of board of governors of IIM-Lucknow J.J. Irani said.

“We have to make our finances secure. We are not a profit making body. Taking this into account, we are going for the fee hike,” Irani told reporters on the sidelines of the annual convocation.

He also said that IIM-L is also open to the idea of employing good faculty members on contractual basis.

According to sources, the institute will also increase the number of seats and the students’ intake would be more than 400 from next year.

The former chairman of the Indian Space Research Organisation (ISRO) K. Kasturirangan delivered the convocation address.

Kasturirangan talked about how the current age provides an opportunity for India to play a bigger role in the world.

“India’s role and destiny in the world in this context will in turn depend on the quality of her human resources,” Kasturirangan said.

He emphasised on originality in thinking and innovation and said both help making one a pioneer and instil confidence to meet new challenges.