Professor Indraprasad Gordhanbhai Patel worked in the Economics Area from 1st October 1982 to 10th July 1984.
He was the Director of the Institute during that period. He was also the Chairman of the Board of Governors of the Institute from 9th August 1996 to 7th August 2001. He returned to LSE as Director after his term with IIMA.
Prof Patel was known primarily as IG since his childhood days in Vadodara. He received his BA from Mumbai University. After receiving a scholarship from the Gaekwars of Baroda, Prof Patel went to King's College, Cambridge. His tutor, Sir Austin Robinson regarded him as his best tutee over his entire tenure as Fellow of King's College.
Prof Patel returned to India and joined the Vadodara College as a Professor of Economics. In 1949, he served as the Principal of the Vadodara College. In 1950, he was asked to join the Research Department of the International Monetary Fund. Here, Edward Bernstein became his mentor. After five years, Prof Patel returned to India where he worked as Economic Adviser to the Ministry of Finance, New Delhi in 1954. He spent the next 18 years working with the Government of India. He functioned as Deputy Economic Advisor from 1954 to 1958; Chief Economic Advisor from 1961 to 1963; Special Secretary from 1968 to 1969 and Secretary of the Ministry of Finance from 1970 to 1972. He was Economic Advisor of the Planning Commission from 1961 to 1963 and Alt Executive Director, IMF from 1958 to 1961. He also taught at the Delhi School of Economics as Visiting Faculty. Prof Patel functioned in the capacity of RBI Governor from 1977 to 1982.
Prof Patel was the first person of South Asian origin to head a higher education institute in the United Kingdom. He was 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 former German Chancellor, Helmut Schmidt.
Prof Patel was the recipient of the James Taylor Prize (1944), Wrenbury Scholar (1946) and the Adam Smith Prize (1948). He received an Honorary Doctorate from Sardar Patel University and the University of Mauritius. Prof Patel was also the recipient of the Vishwa Gurjari Award (1985). He was also bestowed the Hon Knighthood KBE by the Queen of England in 1990. In 1991, the Government of India awarded him with the Padma Vibhushan.
His publications include Glimpses of Indian Economic Policy: An Insider's View (2002) and An Encounter with Higher Education: My Years at LSE (2004).
Prof Patel was a remarkably modest and unassuming man. He was married to Alaknanda, daughter of the distinguished economist Professor, A K Dasgupta.
Date of Birth: November 11, 1924
Date of Death: July 17, 2005