Remarking that the steep fee hike announced by the Indian Institute of Management-Ahmedabad was not a very 'happy news' to the central government, industialist and IIM-Indore chairman L N Jhunjhunwala said, "Other IIMs should be consulted before such decisions are taken".

"Neither the Centre nor Union HRD minister Arjun Singh were happy with the IIM-A's step to hike fees", Jhunjhunwala further said.

Since the country is undergoing election process, the government was unable to take any decision on the issue, Jhunjhunwala told PTI on Monday.

The industrialist was in Indore to attend the 10th convocation ceremony of the premiere business management institute, in which 228 students were awarded management degrees.

IIM-A recently announced a hike of Rs 50,000 in its fee of for the post graduate programme in management.