T .T. Krishnamachari (1899-1974)
Technical Data
| Date of Issue | December 31, 2002 |
|---|---|
| Denomination | Rs. 5 |
| Quantity | 400,000 |
| Perforation | comb 13 |
| Printer | Calcutta Security Printers Ltd |
| Printing Process | Offset Lithography |
| Watermark | No Watermark |
| Colors | Multicolor |
| Credit (Designed By) | Sh. Sankha Samanta |
| Catalog Codes |
Michel IN 1943 Stamp Number IN 1989 Yvert et Tellier IN 1708 Stanley Gibbons IN 2109 WADP Numbering System - WNS IN052.02 |
| Themes | Famous people | Men | Optical Instruments | Politicians |
Architect of India’s Economic Foundations
Tiruvellore Thattai Krishnamachari (1899–1974), popularly known as TTK, was one of the key figures in shaping modern India. A visionary leader, he played a crucial role in building the country’s economic and industrial infrastructure and also contributed significantly to the framing of the Constitution as a member of the Drafting Committee.
Early Life and Business Career
TTK began his professional journey as a businessman. In 1928, he founded TT Krishnamachari & Co. in Chennai. With his sharp intellect and innovative approach, he established the company as a successful enterprise by the mid-1930s. However, driven by a desire to serve the nation, he soon turned towards public life.
Entry into Politics
Krishnamachari initially entered politics as an independent member of the Madras Legislative Assembly before joining the Indian National Congress. In 1946, he became a member of the Constituent Assembly, contributing to the shaping of India’s democratic framework.
Role in Government
Between 1952 and 1965, TTK served the nation in several key ministerial roles. He was:
- The first Minister for Commerce and Industry
- Finance Minister
- In charge of the Steel Ministry
- Minister for Economic and Defence Cooperation
Known for his practical and result-oriented approach, he played a decisive role in implementing policies suited to India’s evolving needs.
Economic and Industrial Contributions
TTK was instrumental in laying the foundation of India’s industrial growth. His major contributions include:
- Establishment of major steel plants
- Development of financial institutions like Industrial Development Bank of India (IDBI), Industrial Credit and Investment Corporation of India (ICICI) and Unit Trust of India (UTI)
- Introduction of important tax reforms as Finance Minister
He also initiated significant development projects such as the Rajasthan Canal, Dandakaranya Project and the Damodar Valley Project, and supported the growth of the Neyveli projects.
Social Welfare Initiatives
TTK introduced progressive measures for social security. One of his notable contributions was the introduction of the Family Pension Scheme in 1964, which extended pension benefits to the families of deceased government employees.
Cultural Interests
Apart from his political and economic achievements, TTK was deeply interested in arts and culture. He was among the founders of the The Music Academy Madras, reflecting his love for music and literature.
Commemorative Stamp
In recognition of his immense contributions, India Post issued a commemorative postage stamp in his honour, celebrating his legacy as one of the architects of modern India.
Conclusion
T. T. Krishnamachari’s vision, administrative acumen and dedication to nation-building left an indelible mark on India’s economic and institutional framework. His contributions continue to influence the country’s development and progress.