'Ay, there's the rub'
The bigger tragedy of Indian Business education is not Private schools charging outrageous fees but government backed schools using tax payer money to build infrastructure in the name of accommodating additional students under the OBC quota. Take IIM B for example. 114 crores to accommodate 130 students; that's almost a crore to a student.
In the case of the former, the consumer has the right to reject the offer price, for the latter, the taxpayer has no choice, at least not directly, on how funds are allocated and managed to such government backed business schools.