I. G. Patel, Economist, RBI Governor
Economist, RBI Governor

I. G. Patel

Born 11 November 1924 · Gujarat — Died 17 July 2005

Serving as the fourteenth Governor of the Reserve Bank of India from 1977 to 1982.

Indraprasad Gordhanbhai Patel, 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).

✨

A detail that
surprised us

“

Patel was the first Indian-origin person to direct a major UK higher education institution, the London School of Economics, in 1984.

The Story

1
In 1949, I. G. Patel scored a record-breaking top rank in the Matriculation exam in Gujarat, a feat that still stands unbroken, before earning a Cambridge PhD on “Foreign Trade and Economic Development” under Austin Robinson.
2
🌍 From 1950 to 1955, he worked at the International Monetary Fund's Research Department, shaping early post-colonial economic policies amid global financial shifts.
3In 1972, Patel became Deputy Administrator of the United Nations Development Programme in New York, navigating complex aid negotiations during the Cold War era.
4💰 As the 14th Governor of the Reserve Bank of India in the late 1970s, he confronted volatile foreign exchange markets and contributed to global central banking discussions at the Bank for International Settlements.

🏅 Awards & Honours

—
Padma Vibhushan

🔍 One thing most people don't know

“

Patel’s matriculation score in 1940 set a record in Gujarat that remains unbeaten decades later, demonstrating a rare academic prowess early in his life.

🖼️

Through the Years

2 photographs from the archives
I. G. Patel attending LSE public lecture on Perestroika with Ernest Gellner (1989)
I. G. Patel attending LSE public lecture on Perestroika with Ernest Gellner (1989)
1989
I. G. Patel with R.G. Dahrendorf during LSE history project work (1993)

🗓️ A Life in Moments

🕊️
Birth
Birth in Gujarat
Indraprasad Gordhanbhai Patel was born in Gujarat, India.
1924
📚
Education
Matriculation record in Gujarat
Patel scored the highest matriculation exam marks in Gujarat, a record that remains unbeaten.
1949
⚡
Career
Joined IMF Research Department
Invited by Edward M. Bernstein, Patel joined the IMF's Research Department in Washington D.C.
1950
⚡
Career
Deputy Administrator at UNDP
Became Deputy Administrator of the United Nations Development Programme in New York.
1972
⚡
Career
Governor of Reserve Bank of India
Appointed as the 14th Governor of RBI during a tumultuous period of foreign exchange market fluctuations.
1977
⚡
Career
Chairman of IIM Ahmedabad
Led the Indian Institute of Management Ahmedabad, enhancing its national stature.
1982
⚡
Career
Director of LSE
Became the first Indian-origin director of the London School of Economics and secured its Old Building freehold.
1984
🕊️
Death
Death
I. G. Patel passed away, leaving behind a legacy bridging Indian and global economic policy.
2005
More moments to come...
+ Add a moment

🗝️Discoveries

Swipe to uncover hidden stories
01 / 05
🔍LESSER KNOWN

During the 1970s, Patel was involved with the "Committee of the Thirty," a select group of central bankers and statesmen convened by former German Chancellor Helmut Schmidt.

02 / 05
🏆ACHIEVEMENT

Patel persuaded the London School of Economics to purchase and secure the freehold of its Old Building on Houghton Street in 1984, a key move for the institution’s financial independence.

03 / 05
🌍HISTORICAL IMPACT

He was invited by Edward M. Bernstein to join the IMF’s Research Department in 1950, marking an early engagement with global monetary policy at age 26.

No quote recorded for I. G. Patel yet.

🌱 What changed because of them

I. G. Patel's leadership at the Reserve Bank of India during critical financial turbulence helped stabilize India’s currency policies amidst global economic pressures. His tenure at LSE not only strengthened its financial base but also introduced greater institutional autonomy, influencing how universities manage assets and student activism. Through his roles at UNDP and IIM Ahmedabad, Patel shaped policy and education frameworks that bridged developing world economics with global governance debates.

💬 Social Buzz

💬

What are people saying about I. G. Patel?

Share posts from historians, journalists and notable voices about this icon. 🇮🇳

💭 Memories & Tributes

Share your memory of I. G. Patel...
Loading memories...
Is this profile accurate?