Child education cost in real terms is the amount of money you will need in the future when your child starts his/her education. So, if you want to plan for an MBA from a top Indian institution for your child, you need to consider the current cost of the course there.
This current cost will be inflated for the period available for the goal at the prevailing inflation rate. So, a course which costs Rs. 10 lakhs today may cost about Rs. 21 lakhs in 15 years if the applicable inflation is 5% p.a.