In what can be considered as a first and a novel step the Indian Institute of Management, Ahmedabad (IIM-A) would be providing exit scholarships to the students who do not take any job offers and dream to set up their own start-ups. The institute would be offering a scholarship of Rs.30000 per month for two years. IIM-A has also decided to help the students who opt for social sector, civil services or pursue doctoral research in India or abroad by paying 50% of their education loan amount.
The aim of the exit scholarships is to provide a cushion of financial aid to the students who go for unconventional career paths and is also a part of the B-Schools move to modify scholarship criteria. From the next academic session the institute is also planning to increase the family income ceiling from Rs. 6 lakh to Rs. 15 lakh to avail scholarships.
The director of IIM-A Ashish Nanda said,” IIM-A feels a moral commitment to ensure that all deserving candidates admitted to our PGP and PGPFABM programmes are able to attend the programme, irrespective of their economic background. Towards this objective, we are committed to offering deserving students the most generous scholarship scheme among management schools in India.” He further added,” Offering exit scholarships will encourage our graduating students to pursue non-traditional but socially impactful careers.”
Professor Tathagata Bandyopadhyay, chairman of admission committee at IIM-A said that prior to finalizing the new formula for scholarships a survey was conducted amongst the students. He said,” For students whose family income ranges from Rs. 6 to 8 lakh per annum, 80% interest of the education loan will be borne by us. Between Rs. 8 to 10 lakh, the institute will bear 60%. For Rs. 10-15 lakh, institute will pay 40%.”
“IIM-A will give financial aid to two fellows after recognizing their need. This financial aid will be given apart from existing mentoring helps from CIIE,” said Professor Amit Karna, an associate professor of strategy at the business policy area of IIM-A, where he also chairs the Centre for Innovation Incubation and Entrepreneurship (CIIE).