Preceded by None Role Political leader Organizations founded TTK Group Name T. Krishnamachari | Nationality Indian Preceded by None Died 1974 | |
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Succeeded by bifurcated into Madras North and Madras South constituencies Children T.T. Raghavan, T.T. Narasimhan, T.T. Vasu, T.T. Rangaswamy | ||
Tiruvellore Thattai Krishnamachari (1899–1974) was the Indian Finance Minister from 1956–1958 and from 1964-1966. He was also a founding member of the first Governing Body of NCAER, the National Council of Applied Economic Research in New Delhi, India’s first independent economic policy institute established in 1956. Krishnamachari graduated from Madras Christian College (MCC) and was a visiting professor to the department of economics at MCC. He was popularly known as TTK. He has the ignominy of being the first minister in free India to have resigned due to his involvement in a scam. He was also a member of drafting committee, an entrepreneur and prominent leader within the Indian National Congress.
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Early life
T T Krishnamachari was born in 1899 into a Brahmin family in the city of Chennai. His father was a judge in the High Court. T T Krishnamachari graduated from Madras Christian College . He founded TTK group, an Indian business conglomerate famous for its Prestige brand, in the year 1928.
Political Life
T T Krishnamachari was initially elected to the Madras Legislative Assembly as an independent member, and later joined the Congress. In 1946, he was made a member of the Constituent Assembly at the Centre. From 1952 to 1965, he served the country twice as a Central Minister. He was the first Minister for Commerce and Industry and then Finance Minister. He also remained in charge of the Steel Ministry for quite some time. He became Minister again in 1962, first without portfolio, then the Minister for Economic and Defence Cooperation and finally Finance Minister again, in 1964 and finally retired in 1966.
Later life
He had to step down from his role as Finance Minister on 18 February 1958, following the exposure of his involvement in the Mundhra scandal. Despite this setback, he was re-elected in 1962, and though Jawaharlal Nehru offered him any cabinet role except the Finance Ministry, he was eventually reinstated as a cabinet minister without a specific portfolio in 1962, before resuming his position as Finance Minister, a post he retained until 1966. Upon his retirement, he died in 1974 due to age related illness.
Mowbray's Road in Chennai renamed TTK Road after his death.