Is the growth story of IIM inclusive?

IIMs justify their fee structure with the high return on Investment. It is cheaper than equivalent non-IIM institutes. But hey IIMs are run by Indian government and not by corporates. I read IIMs claim There were no students who left IIM study because he could not afford it. I was not able to digest the fact. But did not have any proof either, so agreed with the claim.

Later I analyzed what might be happening. IIM is so expensive that common people might not be counting it as one of the opportunities. I have a friend who did his engineering with me and masters from IIT Delhi, he did not apply for engineering after his 12th, as the engineering application fee was expensive (the fee was around 100 rupees in 1993).
So there might be some people who might not have targeted IIM because of its expenditure.

My soul was buying the argument but my mind was not. I was confused until we went to Chennai for a recruitment drive. My boss told he did not apply IIM rather went for IISc as the application form for IIM was expensive. He was not ordinary student. He got distinction from Rajasthan (a rare accomplishment in those days) and become vice- president in his thirties.

So there are students who can not think of IIM because of cost alone. IIM can claim it is cheaper than ISB etc. But hey I am talking about IIM, that is government managed and made for the people.