COMMEMORATIVE POSTAGE STAMP ON T.T.
KRISHNAMACHARI
The Department of
Posts (DoP) has released a commemorative postage stamp on T.T.
Krishnamachari. The stamp is in the denomination of Rs.5/-
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. By the mid-thirties,
when the company was well established, TTK decided to turn his
attention to politics. He 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.
After independence,
during the years 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 incharge
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 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.
The First Day Cover
alongwith the information sheet will be available on sale at all
Philatelic Bureaux/Counters and at selected Post Offices.
