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Dr. Pradip N. Khandwalla completed his MBA at Wharton School, University of Pennsylvania, and then his Ph.D. in Industrial Administration and Organisation theory at Carnegie Mellon University, Pittsburgh. He joined the Organizational Behaviour Area at IIMA in 1975. The beginning of Dr. Khandwalla's term also marked the beginning of the Institute's journey towards financial reliance. In November 1991, the Government of India announced a freezing of the recurring expenditures at 1991-92 levels-this at a time when annual inflation was around 10%. For the first time in the Institute's history a fee increase was introduced-the PGP fees which had been fixed at Rs. 500 per annum in 1964 went up for the 1992 intake to Rs. 6,000 per annum, plus Rs. 1,500 as computer fee! The following year the fees further went up to Rs. 13,700 and the computer fee to Rs. 2,500. The mess and living expenses went up from Rs. 2,700 to 5,700 per annum. Executive education fees also went up. A 10% cut in administrative positions was announced and a freeze on fresh staff recruitment applied-the faculty to staff ratio in any case was about 1 to 7. In general, frugality was seen to a good value to stress; for example, paper that been printed on one side was recycled into small spiral-bound notebooks for staff use. Resource mobilization for capital grants-the government had also announced a cut in this-was initiated for the first time after the early years. These steps coincided with trends in the broader environment-a tough economic situation followed by liberalization. That Prime Minister Narasimha Rao and Dr. Manmohan Singh were the convocation speakers in 1993 and 1994 indicates the new role that the Institute was fashioning for itself in the early 1990s. In 1994 the Government came up with an innovative 'matching grant' scheme under which savings on recurring grants and other surpluses transferred to an Endowment Fund would be matched. Such measures alleviated the financial crunch to some extent.
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