IIM-A Director to be Paid Rs 1 Crore as Annual Package

He further asked to revise the present package of Rs 20 lakh. He said, “You have to think of equity and excellence. In the name of excellence, you cannot ignore equity and vice-versa. You have to strike a balance.”

The hike was justified by another IIM director, who informed that the top administrators at Ivy League institutions in the U.S. earn ‘somewhere between $300,000 and $500,000 a year which is between Rs 1.6 crore to Rs 2.7 crore’. He added, “But their corpus is much higher than ours,” as reported by The Telegraph.

Some of the IIMs have managed to increase their corpus in recent years. IIM Bangalore, IIM Ahmedabad and IIM Calcutta do not count on the ministry for meeting operational costs like salary, pension, other benefits and maintenance of facilities.

However, it was mentioned by the HRD ministry that the appointment of the new director must be cleared by the ministry. As planned, three possible names will be suggested by the board of governors, and one of the names will be chosen by the ministry and sent to the appointment committee of the cabinet. The institute still hasn’t decided on the names or disclosed the package they are planning to offer.

Also Read: 75 Percent IITians Choose to Pursue Passion over Studies