IIM-Mumbai to offer three MBA courses from 2024, likely to increase fees

Mumbai: Following the approval of the Indian Institutes of Management (Amendment) Bill 2023 by both houses of the parliament, the National Institute of Industrial Engineering (NITIE) will soon be renamed as the Indian Institute of Management, Mumbai (IIM Mumbai), which will offer MBA General, MBA Sustainability, and MBA Operations and Supply Management, from the academic year 2024.

“This recognition reinforces their ongoing commitment to academic excellence in various domains, including industrial engineering, engineering management, and management sciences,” said professor Manoj Tiwari, director of NITIE. “Starting next academic year, students will be admitted to three different MBA programs through CAT, which determines admissions to IIMs.”

Answering questions about how IIM Mumbai will overcome the competition with the older IIMs, Tiwari said, “With its new identity as IIM Mumbai, the institute aspires to ascend to one of the top three management institutes in India.”

Tiwari further added that IIM plans to tie up with the Indian Institute of Technology, Bombay, the Institute of Chemical Technology, the Reserve Bank of India, and many other public and private institutes to provide a better quality of management education in the financial capital of the country.

The fee structure is likely to increase as the institute plans to continue with the same intake of around 450–500 students per course. The focus will be on infrastructural development to increase capacity. The institute also plans to become self-sustaining and plans to raise funds from alumni and industry networks.

Addressing the increasing fee structure, Tiwari clarified that the institute should adjust the fees as per return on investment and will ensure that students get loans from banks or also from various scholarships. “We are trying to keep fees as low as possible compared to other IIMs in the country. The final decision will be taken after the discussion in the board of governors,” said Tiwari.

The IIM Act allows institutes to charge fees up to 85 % of the average package offered in placement at the institute. Presently, NITIE’s average package is ₹27.5 lakh.

The chairman of the Society and Board of Governors at NITIE, Shashi Kiran Shetty, emphasised that gaining IIM recognition is a source of immense pride for both NITIE and Mumbai. “The integration of NITIE into the IIM Act, 2017 is anticipated to bolster the institution’s commitment to fostering academic brilliance, continuous learning, and innovation, ultimately nurturing the leaders of tomorrow.”