At the Mecca of B for Business, buds give fruits even before the season of spring! And the fact was not only enlightened but is proved at India’s cutting edge B-school, the Indian Institute of Management-Lucknow. The people who are lining at the chambers of this great institute range from the big corporate daddies to the slimmest street sellers, to learn how to make businesses successful.
In return, the alma mater has earned a sizeable Rs.100 million during the current fiscal year. According to the authorities, the earnings have registered over 50 per cent growth during 2007-08 from nearly Rs.65 million earned from Management Development Programs (MDPs) in the last fiscal. Revenues from MDPs have gone up more than three times since 2004.
The subject matter of these B-plans range from education to health and these MDPs have witnessed unprecedented increase in numbers as well as participants per program. During 2007-08, the institute carried out over 90 programs and nearly 2,600 executives participated in them. These programs ranged from two days to five weeks. The institute recently launched a six-month program. These programs differ from the long-term two-year full time MBA programs or one-year executive programs for which the IIMs are famous.
Corporate houses and government institutions approach them for MDPs and their executives come and study for a said duration and pay the fee. It helps executives and government officials to think differently, and helps in updating the knowledge and skills of the organization. IIM-L is now getting international offers from corporate houses and the demand is really huge.
This year, 256 IIM-Lucknow students have got 586 offers from corporate houses, including 32 from outside India. IIM-L will admit 330 students for its two-year management programs starting in the new academic year. It has also increased the course fee by Rs.50, 000 a year. Of the 330 students, 300 will be for the famous PGP on management and 30 in the agribusiness program. This is the highest intake by any IIM so far.
Institute had prepared to meet the extra intake and accommodate a possible 27 per cent quota for Other Backward Class students (if the Supreme Court gives a go ahead) and had spent Rs.600 million in building new infrastructure. Apart from this spent money, IIM-Lucknow currently has about Rs.650 million in liquid investments as corpus, endowment funds and special purpose funds.
Following the example of IIM Ahmedabad, IIM-Bangalore and IIM-Kolkata too have increased their course fee, but the increase is quite normal as compared to its other peers. Fees for the first year for students joining IIM-Ahmedabad and IIM-Kolkata will be Rs.300,000 from the coming academic year, against Rs.200,000 now. Similarly, IIM-Bangalore has increased the fee from Rs.250,000 for a year to 400,000. Currently, India has seven IIMs including the yet to start IIM-Shilong.
But apart from making the headlines by selling ideas at lucrative price and by hiking fee, this great old hub of money making people is now all set to make new targets and then to break them. The humble trouble that lies upon its students is to prove their mettle in the battlegrounds of business and keeping up the spirits of the Indian business Mecca, known as Indian Institute of Management-Lucknow.
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