I. G. Patel
Encyclopedia
Dr Indraprasad Gordhanbhai Patel IAS
IAS
- Accounting, Auditing :*International Accounting Standards*Internal Audit Service - Science :*Institute for Advanced Study**IAS computer, built at the Institute for Advanced Study*Indian Academy of Sciences...

 GCSI (11 November 1924 – 17 July 2005) popularly known as I. G. Patel, was the fourteenth Governor of the Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...

 from 1 December 1977 to 15 September 1982.

Patel was an economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

 and before joining the Reserve Bank as Governor had served as Secretary in the Ministry of Finance and thereafter as Deputy Administrator at the UNDP. After retiring from the Reserve Bank, Patel became the Director of The London School of Economics and Political Science (1984–1990). 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
Meghnad Desai, Baron Desai
Meghnad Jagdishchandra Desai, Baron Desai is an Indian-born British economist and Labour politician. He unsuccessfully stood for the Speaker in the British House of Lords , the first ever non-UK born candidate to do so.-Early life:...

. He taught later at the Maharaja Sayajirao University of Baroda
Maharaja Sayajirao University of Baroda
The Maharaja Sayajirao University of Baroda, commonly referred as M. S. University , is a university in the city of Vadodara, in Gujarat state, India...

, Vadodara
Vadodara
Vadodara formerly known as Baroda is the third most populated city in the Indian State of Gujarat . It is one of the four cities with the population of over 1 million...


.

P. V. Narasimha Rao
P. V. Narasimha Rao
Pamulaparti Venkata "Narasimha Rao" was the ninth Prime Minister of India . He led an important administration, overseeing a major economic transformation and several home incidents affecting national security of India. Rao accelerated the dismantling of the Licence Raj. He is often referred to as...

 wanted I.G. Patel as his finance minister in 1991. But Patel declined.

He was bestowed the Padma Vibhushan
Padma Vibhushan
The Padma Vibhushan is the second highest civilian award in the Republic of India. It consists of a medal and a citation and is awarded by the President of India. It was established on 2 January 1954. It ranks behind the Bharat Ratna and comes before the Padma Bhushan...

 award in 1991 for his furthering of the field of economic science. Indraprasad Gordhanbhai Patel was known as Baba
Baba (honorific)
Baba is a Persian honorific term used in several Middle Eastern and South Asian cultures. It is used as a mark of respect to refer to Sufi saints....

 'IG' from his childhood days in Vadodara
Vadodara
Vadodara formerly known as Baroda is the third most populated city in the Indian State of Gujarat . It is one of the four cities with the population of over 1 million...

, 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
Nicholas Stern
Nicholas Herbert Stern, Baron Stern of Brentford, Kt, FBA is a British economist and academic. He is IG Patel Professor of Economics and Government, Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics , and 2010 Professor of Collège de...

.

The Indian Rupee
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....

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.
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