A commemorative postage stamp on Tiruvellore Thattai Krishnamachari (TTK), Indian Finance Minister (1956-58 & 1964-66) :
Issued by India
Issued on Dec 31, 2002
Issued for : The Department of Posts is happy to issue a commemorative postage stamp on TT Krishnamachari.
Stamp : Sankha Samanta
FDC : Binoy Varghese
Cancellation : Alka Sharma
Type : Stamp, Mint condition
Colour : Four Colour
Denomination : 500 Paise
Overall size : 2.88 x 3.34 cms.
Printing size : 2.88 x 3.34 cms.
Perforation : 13.5 x 13.5 mm
Paper : Matt Chromo
Stamps Printed : 0.4 million
Number per issue sheet : 48
Printing Process : Photo Offset
Printer : Calcutta Security Printers Ltd.
Name : Tiruvellore Thattai Krishnamachari
Born on 1899 at Chennai, India
Died on 1974
- Tiruvellore Thattai Krishnamachari (1899-1974), or TTK as he was popularly known, was one among the makers of modern India. He was instrumental in building the basic economic and industrial infrastructure of the country and also left his mark on the Indian Constitution as a member of the Drafting Committee.
- TTK began his life as a businessman and went on to lay the foundation of the hugely successful firm TT Krishnamachari & Co. in 1928, in Chennai. Depending primarily on his sharp intellect and penchant for trying out innovations, the company was well established by the mid-thirties. But, by then, the founder was ready for new challenges – TTK decided that there were issues in the arena of politics that he should turn his attention to. He was initially elected to the Madras Legislative Assembly as an independent member, but later joined the Congress. In 1946 he was made a member of the Constituent Assembly at the Centre.
- After independence, during the years from 1952 to 1965, he served the country as a Central Minister twice. During 1952-1958, 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 was a Minister again in 1962, first without portfolio, then the Minister for Economic and Defence Cooperation and finally Finance Minister. TTK, both by his experience and outlook, was firm in his recognition of the objectives to be achieved. Firmly result oriented, he could act adopting the practical means most suited to the prevailing circumstances, to achieve them.
- TTK was instrumental in setting up the country’s three major steel plants and financial institutions like IDBI, ICICI and UTI. He introduced path-breaking tax reforms during his stint as Finance Minister. Embarking upon measures needed for providing social security, TTK expanded the pension scheme to cover family members of the deceased government servants by introducing a new Family Pension Scheme in 1964.
- He planned schemes like the Rajasthan Canal Schemes, Dandakaranya and Damodar Valley Projects. The Neyveli Projects owe their existence to the fillip given by TTK.
- He resigned from the post of Minister in 1965 after his term as Lok Sabha member was over and led an intellectually active life till illness overtook him. TTK was also a lover of music and books. He was one among the founders of the Music Academy at Chennai.
- Text : Based on material received from the sponsors.