After gaining independence from imperialist British control in 1947, India had as many as 30 finance ministers.
These are the people who shaped India’s economy, which has expanded to $2.6 trillion in size. After China, India has emerged as the world’s fastest expanding economy and a key provider of services and goods.
Sir Ramasamy Chetty Kandasamy Shanmukham Chetty KCIE was an Indian lawyer, economist, and politician who served as the first finance minister of independent India from 1947 until 1949.
RK Shanmukham Chetty, India’s first finance minister, delivered the country’s first budget on November 26, 1947. That was an interim Budget, after all.
It was an economic assessment, with no additional taxes proposed because the budget day for 1948-49 was only 95 days away.
He abruptly resigned. Jawaharlal Nehru, India’s Prime Minister, is said to have urged him to retire due to a small failure of duty by a subordinate official, in order to ensure probity.
From 1933 to 1935, he was President of India’s Central Legislative Assembly, and from 1935 to 1941, he was Diwan of Cochin Kingdom. Shanmukham Chetty studied at Madras Christian College and Madras Law College after being born in Coimbatore in 1892.
Shanmukham Chetty entered politics after finishing his studies, serving in both the Indian nationalist Swaraj Party and the pro-British Justice Party. From 1931 to 1935, Shanmukham Chetty served as the Deputy President of the Indian Central Legislative Assembly.
Chetty was depressed after losing the 1935 elections.
Chetty returned to South India after losing the 1935 elections, serving as Diwan of Cochin Kingdom from 1935 until 1941.
Despite Chetty’s well-known pro-British leanings, Jawaharlal Nehru, India’s first Prime Minister, controversially appointed him as his Finance Minister after the country’s independence in 1947.
On May 5, 1953, Shanmukham Chetty passed away. Chetty supported a variety of social causes during his public life. He backed the Tamil Isai Movement wholeheartedly.
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