Ajit Ranade has stepped down as Vice Chancellor of the Gokhale Institute of Politics and Economics (GIPE), citing 'personal' reasons for his resignation. In his letter to Chancellor Sanjeev Sanyal dated October 29, Ranade made it clear that his resignation should not be construed as an acknowledgment of any shortcomings or ineligibility regarding his appointment as Vice Chancellor in October 2021.

His resignation follows a tumultuous period for the institution. On October 21, Sanyal reinstated Ranade as Vice Chancellor after he was previously terminated by then-Chancellor Bibek Debroy in September. This dismissal came after a fact-finding committee (FFC) report raised concerns about the legitimacy of Ranade's appointment, concluding that he did not meet the University Grants Commission (UGC) guidelines, including the requirement for a decade of experience as a professor.

In a statement confirming the resignation, Sanyal stated, "This is to inform all of you that Ajit Ranade resigned last week from his post of Vice Chancellor, GIPE. I have accepted his resignation and also informed the UGC". He further indicated that interim arrangements would be communicated soon.

The controversy surrounding Ranade's appointment and subsequent termination has sparked significant discussion within academic circles, raising questions about governance and compliance with educational standards at the Pune-based institution. Sanyal, who took over as chancellor on October 7, had initially revoked Debroy's termination order, emphasizing the need for procedural fairness and respect for ongoing legal processes.