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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 |
| Died | 17 July 2005(2005-07-17) (aged 80) New York City, U.S. |
| Resting place | Vadodara,Gujarat,India |
| Citizenship | ] |
| Spouse | Alakanada Patel |
| Alma mater | University of Mumbai King's College, Cambridge (PhD) |
| Occupation | Economist Indian Economic Service[1][2] |
| Signature |  |
Indraprasad Gordhanbhai Patel (11 November 1924 – 17 July 2005),[3][4] popularly known asI. G. Patel, was an Indian economist and civil servant who is best known as the fourteenth Governor of theReserve Bank of India, and the ninth director of theLondon School of Economics and Political Science (LSE).
As LSE's director, Patel was the first person ofIndian origin to head a higher education institution in theUnited Kingdom. After his stint at LSE, Patel served as Chairman of theIndian Institute of Management Ahmedabad. He was well known for his formidable intellectual powers in the select company of elite central bankers and statesmen such as the "Committee of the Thirty" set up by the former German ChancellorHelmut Schmidt.[5]
He also served as Deputy Administrator at the United Nations Development Programme headquarters inNew York.
Patel stood first in theMatriculation examination and established a record score that was never beaten[citation needed]. He then came top in his B.A. at theUniversity of Bombay. He later earnedDoctor of Philosophy in economics fromKing's College atUniversity of Cambridge with a scholarship from theGaekwads of Baroda. Patel chose to write his PhD dissertation on “Foreign Trade and Economic Development”.[6] His tutorAustin Robinson regarded him as his best tutee over his entire tenure as a fellow of King's[citation needed]
He was a member of theIndian Economic Service and served inGovernment of India. He held the rank and post of Special Secretary in theMinistry of Finance and laterSecretary to Government of India (Economic Affairs) in theMinistry of Finance.
Patel returned to India and joinedBaroda College as a 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 Fund in 1950. After five years there, Patel came back to Delhi as an Economic Adviser to the Ministry of Finance in 1954 and spent the next 18 years in one or another top capacity in the Government of India.
In 1972 he became the Deputy Administrator of theUN Development Programme for 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 Director[7] of 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 protests 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 Farm riots 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.
TheIndian Rupee notes of 1000, 5000 and 10,000 denominations 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.[8]
In later life, he taught at theMaharaja Sayajirao University of Baroda,Vadodara.[9] and in 1991 Patel was requested by then Prime MinisterP. V. Narasimha Rao to assume the responsibility of the finance minister of India, but this offer was declined by him.[10] He was bestowed thePadma Vibhushan award in 1991 for his furthering of the field of economic science.[11] Indraprasad Gordhanbhai Patel was known asBaba 'IG' from his childhood days inVadodara, then the capital of the princely state ruled by theGaekwads ofBaroda, where he was born. The post of I.G. Patel Professor of Economics and Government at theLondon School of Economics was created in his honour; it is currently held byNicholas Stern.
He married Alaknanda Dasgupta, daughter of renowned professor of economics Amiya Kumar Dasgupta and sister of renowned economistSir Partha Dasgupta.
| Educational offices | ||
|---|---|---|
| Preceded by | Director of the London School of Economics 1984–1990 | Succeeded by |
| Preceded by | Chairperson of the Board of Governors at Indian Institute of Management Ahmedabad 1996 to 2001 | Succeeded by |
| Government offices | ||
| Preceded by JJ Anjaria | Chief Economic Adviser of India 1961–1963 1965-1967 | Succeeded by VK Ramaswamy |
| Preceded by | Governor of the Reserve Bank of India 1977–1982 | Succeeded by |
| Diplomatic posts | ||
| Preceded by | Deputy Administrator of theUnited Nations Development Programme 1972–1977 | Succeeded by |
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