Tiruvellore Thattai Krishnamachari, an Indian politician who worked as finance minister from the year 1956 to 1958 and from 1964 to 1966, was born in the year of 1899 and passed away in 1974. He also served as a founding member of the National Council of Applied Economic Research (NCAER), the country’s first autonomous institute of economic policy, which was founded in 1956.
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About T. T. Krishnamachari
T. Krishnamachari was born in the city of Chennai (then Madras) in the year 1899 to a Tamil Brahmin family. His father was T. T. Rangachari and he served as a High Court judge. He studied at the Hindu Higher Secondary School run by Dharmamurthi Rao Bahadur Calavala Cunnan Chetty and afterwards earned a degree from Madras Christian College. In 1928, he established the TTK company, an Indian commercial conglomerate well-known for its Prestige brand. Krishnamachari attended Madras Christian College (MCC), where he received his degree, and served as a guest professor in the economics department. TTK was his alias in the public eye. He bears the shame of being the first minister to resign in independent India after being implicated in a scandal. He was also an industrialist, a key figure in the Indian National Congress, and a member of the Indian constitution’s drafting committee. From the year 1947 to 1950, he also served as deputy viceroy of India.
Political Career
T.T. Krishnamachari was elected as an independent member of the Madras Legislative Assembly at the start but afterwards joined the Indian National Congress. He was elected to the Center’s Constituent Assembly in 1946. He served the nation twice as a Union Minister between 1952 to 1965. He held two terms as finance minister and was the first minister of commerce and industry. He also continued to oversee the Steel Ministry for a considerable amount of time. He was appointed a minister again in 1962, first without a specific portfolio, then as minister of economic and defence cooperation, and then as minister of finance once more in 1964 before retiring in 1966.
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Later Life
On February 18, 1958, Krishnamachari was compelled to resign from his position as Finance Minister due to his role in the Haridas Mundhra scandal. He was re-elected in the year 1962 and Jawaharlal Nehru had offered him any cabinet position other than that of the Finance Ministry, but he was restored in 1962 as a cabinet minister without a post and again as the finance minister, a position he maintained until 1966. He has some connection to Madras Music Academy. His name is given to a music venue in Madras. His age-related sickness caused his death in the year 1974.
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