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|known_for =
|alma_mater = [[University of Mumbai]]<br />[[University of Cambridge]] ([[PhD]]),The Maharaja Sayajirao University of Baroda
|occupation = [[Economist]]<br>[[Indian Economic Service]]<ref name="IES Modi">{{cite
|predecessor2 = [[M. Narasimham]]
|successor2 = [[Manmohan Singh]]
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}}</ref>
He served as Director of the [[London School of Economics]], making him the first person of [[India]]n origin to head a higher education institute in the [[United Kingdom]]. He also served as Chairperson of the Board of Governors from 1996 to 2001 at [[Indian Institute of Management Ahmedabad]]. He also 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 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]].
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Patel returned to India and joined [[Baroda college]] as Professor of Economics and as the Principal in 1949. [[Eduard 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 Economic Adviser to the Ministry of Finance in 1954 and spent the next 18 years in one or other 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">{{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 protest 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.
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