Delhi based Indian Institute of Foreign Trade has also decided to increase the fees for its MBA programme by Rs 75,000. IIFT spokesperson and Sr Administrative Officer Dr L D Mago told MBAUniverse.com, "IIFT has marginally increased the fee for its MBA (IB) 2008 to Rs. 2.5 lakhs per annum." The current fee at IIFT for its two year MBA programme is Rs 1.75 lakhs per annum.
Sharing the reason behind this fee increase, Dr Mago said, "There is an year-to-year reduction in the non-plan grant to IIFT by the Department of Commerce, Government of India. Further, the expenditure on infrastructure items including Library and IT facilities as also the salaries of the faculty and other staff members are increasing every year. Keeping these factors in mind the Institute has enhanced the fee."
To help students who need financial assistance, IIFT also offers two Scholarship Schemes, Dr Mago shared. The Institute operates a 'Need Based Scholarship Scheme' under which it pays full interest subsidy for a certain period of time on Educational Loan from a Bank up to Rs.5.00 lakh taken by the student whose family income is less than Rs.2.50 lakh per year. This amount was revised when the fee was revised. Similarly, Ministry of Social Justice & Empowerment and Ministry of Tribal Affairs have introduced a liberal scholarship scheme called "Central Sector Scholarship Scheme of Top Class Education for SC/ST Students". Ten SC students and five ST students, who secure admission in the Institute's two year full time MBA (International Business) are awarded scholarship for full tuition fee and non-refundable charges; living expenses of Rs.2220 per month and other assistances. The eligibility conditions include that the total family income of the student from all sources should not exceed Rs.2.00 lakh per annum.
Dr Mago also informed that IIFT has announced the final results for the coming academic session, and the session will start on July 1, 2008.
