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Wednesday, Jun 02, 2004

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IIM fee cut issue: FICCI welcomes Govt initiatives

Our Bureau

New Delhi , June 1

WELCOMING the HRD Minister, Mr Arjun Singh's directive to the IIMs to formulate a road map to resolve the fee-cut issue, the Federation of Indian Chambers of Commerce and Industry (FICCI) President, Mr Y.K. Modi said, "This will restore autonomy of the IIMs to decide on vital issues affecting the functioning and future of such eminent institutes of higher learning."

The Chamber reiterated its stand that there should be no subsidisation of higher education.

"FICCI feels that the Government support for vocationalisation of education and vocational training, in particular, are useful for developing the required skill sets of a growing economy."

"A graded fee structure whereby students with a family income of Rs 1.5 lakh or less will be fully subsidised and other students will either be given subsidised or soft loans depending upon their family incomes. FICCI has thus argued the case for a graded system of subsidisation mostly focusing primary education," added Mr Modi.

"Since graduates from institutions such as IIMs are immediately absorbed in the job market, often paying very high levels of salary, it should be possible to institute loan schemes for funding such education. Such loans could be made available to all those who secure admissions to these institutions. This will take care of issues of equity in education," he said.

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