I. G. Patel

Dr Indraprasad Gordhanbhai Patel IAS GCSI (11 November 1924 – 17 July 2005)^[1] popularly known as I. G. Patel, was the fourteenth Governor of the Reserve Bank of India from 1 December 1977 to 15 September 1982.^[2]

Patel was an economist and before joining the Reserve Bank as Governor had served as Secretary in the Ministry of Finance^[1] and thereafter as Deputy Administrator at the UNDP.^[1] After retiring from the Reserve Bank, Patel became the Director of The London School of Economics and Political Science (1984–1990).^[1] His distinguished directorship saw the school's reputation excel to being that of the finest economics school in the world, especially enhancing LSE in India, and Asia as a whole; according to Meghnad Desai, Baron Desai. He taught later at the Maharaja Sayajirao University of Baroda, Vadodara^[3] .

P. V. Narasimha Rao wanted I.G. Patel as his finance minister in 1991. But Patel declined.^[4]

He was bestowed the Padma Vibhushan award in 1991 for his furthering of the field of economic science.^[5] 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 current I.G. Patel chair is Nicholas Stern.

The Indian Rupee notes of 1000, 5000 and 10,000 denomination and the gold auctions were demonetised during his tenure (he later featured on a special commemorative 1000 rupee note). However, the 1000 notes had to be reintroduced later.^[6]

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