I. G. Patel
Indraprasad Gordhanbhai Patel | |
|---|---|
| Born | Indraprasad Gordhanbhai Patel 11 November 1924 India |
| Died | 17 July 2005 (aged 80) |
| Other names | I. G. Patel, Baba 'IG' |
| Occupation(s) | Economist, civil servant, academic |
| Years active | 1949–2005 |
| Known for | 14th Governor of the Reserve Bank of India; Director of London School of Economics; Deputy Administrator of UNDP; Director of IIM Ahmedabad |
Indraprasad Gordhanbhai Patel (11 November 1924 – 17 July 2005), widely recognized as I. G. Patel, was a distinguished Indian economist and civil servant who held the position of the fourteenth Governor of the Reserve Bank of India from 1 December 1977 until 15 September 1982.
He made history as the first individual of Indian descent to head a higher education institution in the United Kingdom, serving as Director of the London School of Economics. Patel also led the Board of Governors at the Indian Institute of Management Ahmedabad between 1996 and 2001. Celebrated for his intellectual influence among central bankers and economic strategists, he was a member of the notable "Committee of the Thirty," convened by former German Chancellor Helmut Schmidt.
Furthermore, Patel occupied the role of Deputy Administrator at the United Nations Development Programme's headquarters in New York, where he contributed significantly to global development efforts.
Education
Patel achieved top honors in the Matriculation examination with an unprecedented score and graduated at the top of his class in his B.A. from the University of Bombay. He pursued a Doctorate in economics at King's College, University of Cambridge, supported by a scholarship awarded by the Gaekwad family of Baroda. His doctoral thesis examined “Foreign Trade and Economic Development.” His tutor, Austin Robinson, considered him among the finest students he had during his tenure at King's.
Civil Service
As a member of the Indian Economic Service, Patel served within the Government of India, undertaking senior responsibilities including Special Secretary and subsequently Secretary (Economic Affairs) in the Ministry of Finance.
Academic career
After returning to India, Patel was appointed Professor and Principal at Baroda College in 1949. He was then invited by Edward M. Bernstein to join the Research Department at the International Monetary Fund in 1950. Following five years abroad, he returned to serve as Economic Adviser to the Ministry of Finance, holding prominent government positions for nearly two decades.
In 1972, Patel assumed the role of Deputy Administrator at the UN Development Programme for a five-year term before his appointment as Governor of the Reserve Bank of India. During this challenging era for foreign exchange markets, he applied his expertise through involvement with the Bank for International Settlements. In 1982, he took on leadership as Director of the Indian Institute of Management Ahmedabad, steering it toward recognition as India's premier management institution.
Appointed Director of LSE in 1984, Patel enhanced its financial stability, expanded its real estate assets, and secured ownership of the Old Building on Houghton Street. He effectively navigated student demonstrations concerning LSE’s investments in South Africa and support for Winston Silcott with diplomacy and insight. His tenure also saw the founding of both the Interdisciplinary Management Institute and the Development Studies Institute.
RBI Governor
Throughout his leadership, currency notes of 1000, 5000, and 10,000 rupees along with gold auctions were demonetized (he was later depicted on a special commemorative 1000 rupee banknote). Nevertheless, the 1000 rupee notes were eventually reissued.
In subsequent years, he served as an educator at the Maharaja Sayajirao University of Baroda, Vadodara. In 1991, he turned down an invitation from then Prime Minister P. V. Narasimha Rao to assume the role of India's finance minister. That same year, he received the Padma Vibhushan in recognition of his significant contributions to economic science. Affectionately known as Baba 'IG' since childhood in Vadodara, the former capital of the princely state governed by the Gaekwads of Baroda, his enduring legacy includes the I.G. Patel Professorship of Economics and Government at the London School of Economics, a position currently held by Nicholas Stern.
Personal life
He was married to Alaknanda Dasgupta, who was the daughter of esteemed economist Amiya Kumar Dasgupta and sister to the distinguished economist Sir Partha Dasgupta.