From the Colonial era to the twenty-first century, management education has evolved significantly in India. Various factors, such as inflation, technology, faculty, infrastructure, and the overall rise in demand, have impacted the cost of management education. This paper provides a historical overview of management education, discussing factors that led to its rise in India, with a focus on the pre- and post-independence eras. The evolution of management education into online or hybrid models, particularly following the pandemic in 2020, has reduced costs and made it more accessible to the masses. Today, the tuition fee for a two-year MBA program at top IIMs exceeds INR 20–25 lakhs, reflecting decades of economic and institutional changes. Management education is a key driver of the nation’s economic and social progress and has transitioned from being a niche offering in a few institutions to a widely pursued academic and professional qualification. This paper has a detailed analysis of the factors such as historical, economic, and policy-related factors, that have influenced the cost of management education in India.