I. G. Patel

Indraprasad Gordhanbhai Patel
I. G. Patel, 1984
9th Director of theLondon School of Economics and Political Science
In office 1984–1990
Preceded by	Ralf Dahrendorf
Succeeded by	John Ashworth
14thGovernor of Reserve Bank of India
In office 1 December 1977 – 15 September 1982
Preceded by	M. Narasimham
Succeeded by	Manmohan Singh
Deputy Administrator of United Nations Development Programme
In office 1972–1977
2ndChief Economic Advisor to the Government of India
In office 1965–1967
In office 1961–1963
Personal details
Born	(1924-11-11)11 November 1924 Vadodara,Gujarat,India
Died	17 July 2005(2005-07-17)(aged 80) New York City,U.S.
Resting place	Vadodara,Gujarat,India
Spouse	Alakanada Patel
Alma mater	University of Mumbai King's College, Cambridge(PhD)
Occupation	Economist Indian Economic Service
Signature

Indraprasad Gordhanbhai Patel(11 November 1924 – 17 July 2005),popularly known asI. G. Patel,was an Indian economist and a civil servant who served as the fourteenth Governor of theReserve Bank of Indiafrom 1 December 1977 to 15 September 1982.

He served as Director of theLondon School of Economics,making him the first person ofIndianorigin to head a higher education institute in theUnited Kingdom.He also served as Chairperson of the Board of Governors from 1996 to 2001 atIndian Institute of Management Ahmedabad.He was well known for his formidable intellectual powers in the select company of central bankers and economic statesmen such as the "Committee of the Thirty" set up by the former German ChancellorHelmut Schmidt.

He also served as Deputy Administrator at United Nations Development Programme headquarters inNew York.

Education

Patel stood first in theMatriculationexamination and established a record score that was never beaten.He then came top in his BA at theUniversity of Bombay.He later earnedDoctor of Philosophyin economics fromKing's CollegeatUniversity of Cambridgewith a scholarship from theGaekwadsof Baroda. His tutorAustin Robinsonregarded him as his best tutee over his entire tenure as fellow of King's

Career

Civil Service

He was a member of theIndian Economic Serviceand served inGovernment of India.He held the rank and post of Special Secretary in theMinistry of Financeand later Secretary to Government of India(Economic Affairs) in theMinistry of Finance.

Academic career

Patel returned to India and joinedBaroda collegeas Professor of Economics and as the Principal in 1949. Edward M. Bernstein, later his mentor, invited him to join the Research Department of theInternational Monetary Fundin 1950. After five years there, Patel came back to Delhi as Economic Adviser to the Ministry of Finance in 1954 and spent the next 18 years in one or other top capacity in the Government of India.

In 1972 he became the Deputy Administrator of theUN Development Programmefor five years, returning only to take up the position of the Governor of the Reserve Bank of India. It was during this period marked by turbulence in the foreign exchange markets that Patel's formidable intellectual powers came into use in sessions of the Bank for International Settlements. In 1982 he was appointed Directorof the Indian Institute of Management, Ahmedabad, which he helped launch on a trajectory to become the best management school in India.

But again Patel was picked up to serve abroad. In 1984, he was chosen to be the Director of LSE, where he improved the school's finances and added several properties to its portfolio, as well as securing the freehold of the school's Old Building in Houghton Street. He had to handle student protest about LSE's investments in South Africa and their support of Winston Silcott, who had been convicted of the murder of a police officer in theBroadwater Farmriots in Tottenham. Patel handled both the situations with tact and firmness but also with a sympathetic understanding of students' concerns about racism. His initiatives, too, in setting up an innovative inter-departmental forum bore fruit in the Interdisciplinary Management Institute and the Development Studies Institute.

RBI Governor

TheIndian Rupeenotes of 1000, 5000 and 10,000 denomination and the gold auctions were demonetized during his tenure (he later featured on a special commemorative 1000 rupee note). However, the 1000 notes had to be reintroduced later.

In later life, he taught at theMaharaja Sayajirao University of Baroda,Vadodara.and in 1991 Patel was requested by then Prime MinisterP. V. Narasimha Raoto assume the responsibility of the finance minister of India, but this offer was declined by him.He was bestowed thePadma Vibhushanaward in 1991 for his furthering of the field of economic science.Indraprasad Gordhanbhai Patel was known asBaba'IG' from his childhood days inVadodara,then the capital of the princely state ruled by theGaekwadsofBaroda,where he was born. The post of I.G. Patel Professor of Economics and Government at theLondon School of Economicswas created in his honour; it is currently held byNicholas Stern.

Personal life

He married Alaknanda Dasgupta, daughter of renowned professor of economics Amiya Kumar Dasgupta and sister of renowned economistSir Partha Dasgupta.