Indraprasad Gordhanbhai Patel (11 November 1924 – 17 July 2005), popularly known as I. G. Patel, was an Indian economist and a civil servant who served as the fourteenth Governor of the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...

from 1 December 1977 to 15 September 1982. He served as Director of the

London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 milli ...

, making him the first person of

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

n origin to head a higher education institute in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

. He also served as Chairperson of the Board of Governors from 1996 to 2001 at

Indian Institute of Management Ahmedabad Indian Institute of Management Ahmedabad (IIM Ahmedabad) is the world's number 1 business school, located in Ahmedabad, Gujarat, India. The school has been accorded the status of an Institute of National Importance by Ministry of Human Resourc ...

. He also 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 Chancellor

Helmut Schmidt Helmut Heinrich Waldemar Schmidt (; 23 December 1918 – 10 November 2015) was a German politician and member of the Social Democratic Party of Germany (SPD), who served as the chancellor of West Germany from 1974 to 1982. Before becoming Ch ...

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

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

Education

Patel stood first in the

Matriculation Matriculation is the formal process of entering a university, or of becoming eligible to enter by fulfilling certain academic requirements such as a matriculation examination. Australia In Australia, the term "matriculation" is seldom used now ...

examination and established a record score that was never beaten. He then came top in his BA at the

University of Bombay The University of Mumbai is a collegiate, state-owned, public research university in Mumbai. The University of Mumbai is one of the largest universities in the world. , the university had 711 affiliated colleges. Ratan Tata is the appointed h ...

. He later earned

Doctor of Philosophy A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...

in economics from King's College at

University of Cambridge , mottoeng = Literal: From here, light and sacred draughts. Non literal: From this place, we gain enlightenment and precious knowledge. , established = , other_name = The Chancellor, Masters and Schola ...

with a scholarship from the

Gaekwad Gaekwad (also spelt Gaikwar and Gaikwad; mr, Gāyǎkǎvāḍǎ) is a surname native to the Indian state of Maharashtra. The surname is found among the Marathas, Kolis and in Scheduled castes. It is also a common surname among Bharadis, Dhor, an ...

s of Baroda. His tutor

Austin Robinson Sir Edward Austin Gossage Robinson, (20 November 1897 – 1 June 1993, Cambridge, England) was a University of Cambridge economist. He was an undergraduate at Christ's College, Cambridge, and a fellow of Sidney Sussex College, Cambridge. A clo ...

regarded him as his best tutee over his entire tenure as fellow of King's.

Career

Civil Service

He was a member of the

Indian Economic Service The Indian Economic Service (abbreviated as IES, I.E.S.) is an inter-ministerial and inter-departmental central civil service under Group A of the executive branch of the Government of India. The unique aspect of the service is that the cadre ...

and served in

Government of India The Government of India ( ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, ...

. He held the rank and post of Special Secretary in the

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Ec ...

and later Secretary to Government of India (Economic Affairs) in the

Academic career

Patel returned to India and joined

Baroda college The Maharaja Sayajirao University of Baroda, formerly Baroda College, is a public university in the city of Vadodara, in Gujarat state, India. Originally established as a college in 1881, it became a university in 1949 after the independence ...

as Professor of Economics and as the Principal in 1949.

Eduard Bernstein Eduard Bernstein (; 6 January 1850 – 18 December 1932) was a German social democratic Marxist theorist and politician. A member of the Social Democratic Party of Germany (SPD), Bernstein had held close association to Karl Marx and Friedr ...

later his mentor, invited him to join the Research Department of the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

in 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 the UN 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 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 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 the

Broadwater Farm Broadwater Farm, often referred to simply as "The Farm", is an area in Tottenham, North London, straddling the River Moselle. The eastern half of the area is dominated by the Broadwater Farm Estate ("BWFE"), an experiment in high-density social ...

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.

RBI Governor

The

Indian Rupee The Indian rupee ( symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 '' paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use ...

notes 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 the

Maharaja Sayajirao University of Baroda The Maharaja Sayajirao University of Baroda, formerly Baroda College, is a public university in the city of Vadodara, in Gujarat state, India. Originally established as a college in 1881, it became a university in 1949 after the independence ...

Vadodara Vadodara (), also known as Baroda, is the second largest city in the Indian state of Gujarat. It serves as the administrative headquarters of the Vadodara district and is situated on the banks of the Vishwamitri River, from the state capita ...

. and in 1991 Patel was requested by then Prime Minister

P. V. Narasimha Rao Pamulaparthi Venkata Narasimha Rao (28 June 1921 – 23 December 2004) was an Indian lawyer, statesman and politician who served as the 9th prime minister of India from 1991 to 1996. He is known for introducing various liberal reforms to Indi ...

to assume the responsibility of the finance minister of India, but this offer was declined by him. He was bestowed the

Padma Vibhushan The Padma Vibhushan ("Lotus Decoration") is the second-highest civilian award of the Republic of India, after the Bharat Ratna. Instituted on 2 January 1954, the award is given for "exceptional and distinguished service". All persons without ...

award in 1991 for his furthering of the field of economic science. Indraprasad Gordhanbhai Patel was known as Baba 'IG' from his childhood days in

, then the capital of the princely state ruled by the Gaekwads of

Baroda Vadodara (), also known as Baroda, is the second largest city in the Indian state of Gujarat. It serves as the administrative headquarters of the Vadodara district and is situated on the banks of the Vishwamitri River, from the state capital ...

, where he was born. The post of I.G. Patel Professor of Economics and Government at the

London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 milli ...

was created in his honour; it is currently held by

Nicholas Stern Nicholas Herbert Stern, Baron Stern of Brentford, (born 22 April 1946 in Hammersmith) is a British economist, banker, and academic. He is the IG Patel Professor of Economics and Government and Chair of the Grantham Research Institute on Cli ...

Personal life

He married Alaknanda Dasgupta, daughter of renowned professor of economics Amiya Kumar Dasgupta and sister of renowned economist

Sir Partha Dasgupta Sir Partha Sarathi Dasgupta (born on 17 November 1942), is an Indian-British economist who is the Frank Ramsey Professor Emeritus of Economics at the University of Cambridge, United Kingdom and Fellow of St John's College, Cambridge. Personal ...

References

, - , - {{DEFAULTSORT:Patel, I G 1924 births 2005 deaths University of Mumbai alumni Alumni of King's College, Cambridge Alumni of the University of Cambridge United Nations Development Programme officials International Monetary Fund people Governors of the Reserve Bank of India Indian bankers Indian civil servants Indian institute directors 20th-century Indian economists People associated with the London School of Economics Recipients of the Padma Vibhushan in science & engineering Maharaja Sayajirao University of Baroda faculty Indian academic administrators 21st-century Indian economists Chief Economic Advisers to the Government of India Gujarati people