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{{Short description|Indian banker}} | |||
{{Use Indian English|date=July 2015}} | {{Use Indian English|date=July 2015}} | ||
{{Use dmy dates|date=July 2015}} | {{Use dmy dates|date=July 2015}} | ||
{{More citations needed|date=January 2020}} | {{More citations needed|date=January 2020}} | ||
{{Infobox officeholder | {{Infobox officeholder | ||
|name | | name = Indraprasad Gordhanbhai Patel | ||
| | | honorific_suffix = | ||
|image | | image = I. G. Patel.jpg | ||
|image_size | | image_size = | ||
|caption | | caption = I. G. Patel, 1984 | ||
|office1 = 9th Director of the [[London School of Economics and Political Science]] | | office1 = 9th Director of the [[London School of Economics and Political Science]] | ||
|term_start1 = 1984 | | term_start1 = 1984 | ||
|term_end1 | | term_end1 = 1990 | ||
|predecessor1 | | predecessor1 = [[Ralf Dahrendorf]] | ||
|successor1 | | successor1 = [[John Ashworth (biologist)|John Ashworth]] | ||
|office3 = Deputy Administrator of<br />[[United Nations Development Programme]] | | office3 = Deputy Administrator of<br />[[United Nations Development Programme]] | ||
|term_start3 = 1972 | | term_start3 = 1972 | ||
|term_end3 | | term_end3 = 1977 | ||
|predecessor3 | | predecessor3 = | ||
|successor3 | | successor3 = | ||
|office4 | | office4 = 2nd [[Chief Economic Advisor to the Government of India]] | ||
|term4 = 1965–1967 | | term4 = 1965–1967 | ||
|term5 = 1961–1963 | | term5 = 1961–1963 | ||
|birth_name | | birth_name = | ||
|birth_date | | birth_date = {{birth date|df=y|1924|11|11}} | ||
|birth_place | | birth_place = [[Vadodara]], [[Gujarat]], [[India]] | ||
|death_date | | death_date = {{death date and age|df=y|2005|07|17|1924|11|11}} | ||
|death_place | | death_place = [[New York City]], U.S. | ||
|resting_place = [[Vadodara]], [[Gujarat]], [[India]] | | resting_place = [[Vadodara]], [[Gujarat]], [[India]] | ||
|resting_place_coordinates = | | resting_place_coordinates = | ||
|residence | | residence = | ||
|citizenship | | citizenship = ] | ||
|known_for | | known_for = | ||
|alma_mater | | alma_mater = [[University of Mumbai]]<br />[[King's College, Cambridge]] ([[PhD]]) | ||
|occupation | | occupation = [[Economist]]<br>[[Indian Economic Service]]<ref name="IES Modi">{{cite news|title=Modi and economics|newspaper=Business Standard India|date=25 December 2015|url=http://www.business-standard.com/article/opinion/t-c-a-srinivasa-raghavan-modi-and-economics-115122500656_1.html|publisher=[[Business Standard]]|access-date=23 December 2016|last1=Srinivasa-Raghavan|first1=T. C. A.}}</ref><ref name="Patel IES">{{cite news|title=Obituary: Dr I.G. Patel|url=https://www.ft.com/content/14f491aa-039a-11da-b54a-00000e2511c8|newspaper=[[Financial Times]]|date=2 August 2005|access-date=23 December 2016}}</ref> | ||
|predecessor2 | | predecessor2 = [[M. Narasimham]] | ||
|successor2 | | successor2 = [[Manmohan Singh]] | ||
|party | | party = | ||
|spouse | | spouse = Alakanada Patel | ||
|partner | | partner = | ||
|children | | children = | ||
|relations | | relations = | ||
|signature | | signature = I. G. Patel signature-en.jpg | ||
|website | | website = | ||
|footnotes | | footnotes = | ||
|term_start2 | | term_start2 = 1 December 1977 | ||
|term_end2 | | term_end2 = 15 September 1982 | ||
|order2 | | order2 = 14th [[List of Governors of Reserve Bank of India|Governor of Reserve Bank of India]] | ||
}} | }} | ||
| Line 53: | Line 54: | ||
|date =2005-07-20 | |date =2005-07-20 | ||
|access-date =2008-09-15 | |access-date =2008-09-15 | ||
|work =The Independent}}</ref><ref>[http://www.lse.ac.uk/newsAndMedia/news/archives/2005/IGPatel_Obituary.aspx Dr Indraprasad Gordhanbhai Patel (1924-2005) ] {{webarchive|url=https://web.archive.org/web/20130722161512/http://www.lse.ac.uk/newsAndMedia/news/archives/2005/IGPatel_Obituary.aspx |date=22 July 2013 }} London School of Economics and Political Science Retrieved 9 August 2013</ref> popularly known as '''I. G. Patel''', was an Indian economist and | |work =The Independent}}</ref><ref>[http://www.lse.ac.uk/newsAndMedia/news/archives/2005/IGPatel_Obituary.aspx Dr Indraprasad Gordhanbhai Patel (1924-2005) ] {{webarchive|url=https://web.archive.org/web/20130722161512/http://www.lse.ac.uk/newsAndMedia/news/archives/2005/IGPatel_Obituary.aspx |date=22 July 2013 }} London School of Economics and Political Science Retrieved 9 August 2013</ref> popularly known as '''I. G. Patel''', was an Indian economist and civil servant who is best known as the fourteenth Governor of the [[Reserve Bank of India]], and the ninth director of the [[London School of Economics|London School of Economics and Political Science]] (LSE). | ||
As LSE's director, Patel was the first person of [[India]]n origin to head a higher education institution in the [[United Kingdom]]. After his stint at LSE, Patel served as Chairman of the [[Indian 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 Chancellor [[Helmut Schmidt]].<ref>{{Cite web|url=https://www.independent.co.uk/news/obituaries/i-g-patel-300283.html|title=I. G. Patel|website=[[Independent.co.uk]]|date=2005-07-19|language=en-GB|access-date=2016-09-24}}</ref> | |||
He also served as Deputy Administrator at United Nations Development Programme headquarters in [[New York City|New York]]. | He also served as Deputy Administrator at the United Nations Development Programme headquarters in [[New York City|New York]]. | ||
==Education== | ==Education== | ||
Patel stood first in the [[Matriculation]] examination and established a record score that was never beaten. He then came top in his | Patel stood first in the [[Matriculation]] examination and established a record score that was never beaten {{citation needed|date=June 2023}}. He then came top in his B.A. at the [[University of Bombay]]. He later earned [[Doctor of Philosophy]] in economics from [[King's College, Cambridge|King's College]] at [[University of Cambridge]] with a scholarship from the [[Gaekwad]]s of Baroda. Patel chose to write his PhD dissertation on “Foreign Trade and Economic Development”.<ref>{{Cite web |date=2025-03-25 |title=I.G. Patel |url=https://azimpremjiuniversity.edu.in/indian-economists/i-g-patel |access-date=2025-06-12 |website=Azim Premji University |language=en-IN}}</ref> His tutor [[Austin Robinson]] regarded him as his best tutee over his entire tenure as a fellow of King's {{citation needed|date=June 2023}} | ||
==Career== | ==Career== | ||
| Line 76: | Line 69: | ||
===Academic career=== | ===Academic career=== | ||
Patel returned to India and joined [[Baroda | Patel returned to India and joined [[Baroda 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 the [[International 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 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<ref name="Director-IIMA">https://archives.iima.ac.in/director/Dr-IG-Patel.html</ref> of the Indian Institute of Management, Ahmedabad, which he helped launch on a trajectory to become the best management school in 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<ref name="Director-IIMA">{{Cite web|url=https://archives.iima.ac.in/director/Dr-IG-Patel.html|title = Dr I.G. Patel @ Archives}}</ref> 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 | 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 the [[Broadwater 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. | ||
===RBI Governor=== | ===RBI Governor=== | ||
The [[Indian Rupee]] notes of 1000, 5000 and 10,000 | The [[Indian 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.<ref>{{cite web | ||
|url = http://www.taxmann.net/Bankinglaws/Banking%20Manual/Fourteen/CONT14.htm | |url = http://www.taxmann.net/Bankinglaws/Banking%20Manual/Fourteen/CONT14.htm | ||
|title = High Denomination Bank Notes (Demonetisation) Act, 1978 | |title = High Denomination Bank Notes (Demonetisation) Act, 1978 | ||
| Line 93: | Line 86: | ||
|title =MANDATORY DISCLOSURE 2009-2010 | |title =MANDATORY DISCLOSURE 2009-2010 | ||
|access-date =2010-02-08 | |access-date =2010-02-08 | ||
|publisher =MAHARAJA SAYAJIRAO UNIVERSITY}}</ref> and in 1991 Patel was requested by then Prime Minister [[P. V. Narasimha Rao]] to assume the responsibility of the finance minister of India, but this offer was declined by him.<ref>{{Cite web |url=http://www.indiatoday.com/itoday/20020225/jairam.shtml |title=Time To Tune In To FM |access-date=12 May 2010 |archive-url=https://web.archive.org/web/20041229083426/http://www.indiatoday.com/itoday/20020225/jairam.shtml |archive-date=29 December 2004 |url-status=dead |df=dmy-all }}</ref> He was bestowed the [[Padma Vibhushan]] award in 1991 for his furthering of the field of economic science.<ref>{{cite web|url=http://india.gov.in/myindia/padmavibhushan_awards_list1.php | |publisher =MAHARAJA SAYAJIRAO UNIVERSITY | ||
|archive-date =6 June 2011 | |||
|archive-url =https://web.archive.org/web/20110606061858/http://www.msubaroda.ac.in/techo/mandiscl0910/General_Information_2009-10.pdf | |||
|url-status =dead | |||
}}</ref> and in 1991 Patel was requested by then Prime Minister [[P. V. Narasimha Rao]] to assume the responsibility of the finance minister of India, but this offer was declined by him.<ref>{{Cite web |url=http://www.indiatoday.com/itoday/20020225/jairam.shtml |title=Time To Tune In To FM |access-date=12 May 2010 |archive-url=https://web.archive.org/web/20041229083426/http://www.indiatoday.com/itoday/20020225/jairam.shtml |archive-date=29 December 2004 |url-status=dead |df=dmy-all }}</ref> He was bestowed the [[Padma Vibhushan]] award in 1991 for his furthering of the field of economic science.<ref>{{cite web|url=http://india.gov.in/myindia/padmavibhushan_awards_list1.php | |||
|title=Padma Vibhushan Awardees | |title=Padma Vibhushan Awardees | ||
|access-date=2008-09-15 | |access-date=2008-09-15 | ||
| Line 104: | Line 101: | ||
==Personal life== | ==Personal life== | ||
He married Alaknanda Dasgupta, daughter of renowned professor of economics Amiya Kumar Dasgupta | He married Alaknanda Dasgupta, daughter of renowned professor of economics Amiya Kumar Dasgupta and sister of renowned economist [[Partha Dasgupta|Sir Partha Dasgupta]]. | ||
==References== | ==References== | ||
| Line 154: | Line 151: | ||
[[Category:People associated with the London School of Economics]] | [[Category:People associated with the London School of Economics]] | ||
[[Category:Recipients of the Padma Vibhushan in science & engineering]] | [[Category:Recipients of the Padma Vibhushan in science & engineering]] | ||
[[Category:Maharaja Sayajirao University of Baroda | [[Category:Academic staff of Maharaja Sayajirao University of Baroda]] | ||
[[Category:Indian academic administrators]] | [[Category:Indian academic administrators]] | ||
[[Category:21st-century Indian economists]] | [[Category:21st-century Indian economists]] | ||
[[Category:Chief Economic Advisers to the Government of India]] | [[Category:Chief Economic Advisers to the Government of India]] | ||
[[Category:Gujarati people]] | [[Category:Gujarati people]] | ||
Latest revision as of 04:23, 26 March 2026
 | This article needs additional citations for verification. (January 2020) |
Indraprasad Gordhanbhai Patel | |
|---|---|
| Error creating thumbnail: File missing I. G. Patel, 1984 | |
| 9th Director of the London School of Economics and Political Science | |
| In office 1984–1990 | |
| Preceded by | Ralf Dahrendorf |
| Succeeded by | John Ashworth |
| 14th Governor 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 | |
| 2nd Chief Economic Advisor to the Government of India | |
| In office 1965–1967 | |
| In office 1961–1963 | |
| Personal details | |
| Born | 11 November 1924 Vadodara, Gujarat, India |
| Died | 17 July 2005 (aged 80) New York City, U.S. |
| Resting place | Vadodara, Gujarat, India |
| Citizenship | ] |
| Spouse(s) | 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 as I. G. Patel, was an Indian economist and civil servant who is best known as the fourteenth Governor of the Reserve Bank of India, and the ninth director of the London School of Economics and Political Science (LSE).
As LSE's director, Patel was the first person of Indian origin to head a higher education institution in the United Kingdom. After his stint at LSE, Patel served as Chairman of the Indian 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 Chancellor Helmut Schmidt.[5]
He also served as Deputy Administrator at the United Nations Development Programme headquarters in New York.
Education[edit | edit source]
Patel stood first in the Matriculation examination and established a record score that was never beaten [citation needed]. He then came top in his B.A. at the University of Bombay. He later earned Doctor of Philosophy in economics from King's College at University of Cambridge with a scholarship from the Gaekwads of Baroda. Patel chose to write his PhD dissertation on “Foreign Trade and Economic Development”.[6] His tutor Austin Robinson regarded him as his best tutee over his entire tenure as a fellow of King's [citation needed]
Career[edit | edit source]
Civil Service[edit | edit source]
He was a member of the Indian Economic Service and served in Government of India. He held the rank and post of Special Secretary in the Ministry of Finance and later Secretary to Government of India (Economic Affairs) in the Ministry of Finance.
Academic career[edit | edit source]
Patel returned to India and joined Baroda 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 the International 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 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[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 the Broadwater 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.
RBI Governor[edit | edit source]
The Indian 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 the Maharaja Sayajirao University of Baroda, Vadodara.[9] and in 1991 Patel was requested by then Prime Minister P. V. Narasimha Rao to assume the responsibility of the finance minister of India, but this offer was declined by him.[10] He was bestowed the Padma Vibhushan award in 1991 for his furthering of the field of economic science.[11] Indraprasad Gordhanbhai Patel was known as Baba 'IG' from his childhood days in Vadodara, then the capital of the princely state ruled by the Gaekwads of Baroda, where he was born. The post of I.G. Patel Professor of Economics and Government at the London School of Economics was created in his honour; it is currently held by Nicholas Stern.
Personal life[edit | edit source]
He married Alaknanda Dasgupta, daughter of renowned professor of economics Amiya Kumar Dasgupta and sister of renowned economist Sir Partha Dasgupta.
References[edit | edit source]
- ↑ Srinivasa-Raghavan, T. C. A. (25 December 2015). "Modi and economics". Business Standard India. Business Standard. Retrieved 23 December 2016.
- ↑ "Obituary: Dr I.G. Patel". Financial Times. 2 August 2005. Retrieved 23 December 2016.
- ↑ "I. G. Patel Economic statesman and Director of LSE". The Independent. 20 July 2005. Retrieved 15 September 2008.
- ↑ Dr Indraprasad Gordhanbhai Patel (1924-2005) Archived 22 July 2013 at the Wayback Machine London School of Economics and Political Science Retrieved 9 August 2013
- ↑ "I. G. Patel". Independent.co.uk. 19 July 2005. Retrieved 24 September 2016.
- ↑ "I.G. Patel". Azim Premji University. 25 March 2025. Retrieved 12 June 2025.
- ↑ "Dr I.G. Patel @ Archives".
- ↑ "High Denomination Bank Notes (Demonetisation) Act, 1978". Taxmann.net. Retrieved 8 December 2006. [dead link]
- ↑ "MANDATORY DISCLOSURE 2009-2010" (PDF). MAHARAJA SAYAJIRAO UNIVERSITY. Archived from the original (PDF) on 6 June 2011. Retrieved 8 February 2010.
- ↑ "Time To Tune In To FM". Archived from the original on 29 December 2004. Retrieved 12 May 2010.
- ↑ "Padma Vibhushan Awardees". National Portal of India, GOI. Archived from the original on 31 January 2008. Retrieved 15 September 2008.
| Preceded by Ralf Dahrendorf |
Director of the London School of Economics 1984–1990 |
Succeeded by John Ashworth |
| 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 M. Narasimham |
Governor of the Reserve Bank of India 1977–1982 |
Succeeded by Manmohan Singh |
| Diplomatic posts | ||
| Preceded by |
Deputy Administrator of the United Nations Development Programme 1972–1977 |
Succeeded by |
 |
|  | |
