R. K. Shanmukham Chetty Biography: Sir Ramasamy Chetty Kandasamy Shanmukham Chetty KCIE was an Indian barrister, economist, and politician who served as India’s first Finance Minister from 1947 to 1948. He was born on 17 October 1892 and died on 5 May 1953. From 1933 to 1935, he also served as President of India’s Central Legislative Assembly, and from 1935 to 1941, he was Diwan of the kingdom of Cochin.
Despite Chetty’s well-known pro-British leanings, Jawaharlal Nehru, the first Prime Minister of India, appointed him as his Finance Minister upon India’s independence in 1947. Shanmukha Chetty passed away on May 5, 1953.
R. K. Shanmukham Chetty Biography
Early years
Shanmukham Chetty was born on October 17, 1892 in Vaaniar Street, Coimbatore to Kandasamy Chetty. Ramasami Chetty, the ancestor of Shanmukham Chetty, migrated to Coimbatore in the mid-19th century. The family was immersed in the business and owned several mills in the city of Coimbatore.
Shanmukham Chetty received his education in Coimbatore. He graduated from Madras Christian College with a degree in economics and Madras Law College with a law degree. Shanmukham Chetty did not enter the bar after completing his education. Instead, he managed the family business for a time before entering politics.
Career
In 1917, Shanmukham Chetty joined the Justice Party and was elected to the Coimbatore city council. He was elected Vice-Chairman of the Coimbatore Municipality shortly thereafter. Chetty is credited with instituting changes within the municipal administration.
Shanmukham Chetty was elected to the Madras Legislative Council during the 1920 Madras Presidency legislative council elections. From 1920 to 1922, he served as a member of the Madras Legislative Council before resigning. In 1924, he was elected to the Central Legislative Assembly, the newly inaugurated lower house of the Imperial Legislative Council of India, after joining the Swaraj Party. In 1928, 1929, and 1932, Chetty represented Indian employers at the International Labour Conference in Geneva. He represented India at the 1932 Imperial Economic Conference held in Ottawa.
In 1932, Shanmukhan Chetty was appointed Vice-President of the Central Legislative Assembly, and in 1934, he succeeded Sir Ibrahim Rahimtoola as President. Shanmukham Chetty served as President until 1935, when, having lost the 1935 elections for the Central Legislative Assembly, he was forced to resign.
Later in his political tenure, from 1935 to 1941, Chetty served as Diwan of Cochin. During his administration, new administrative reforms were implemented in the princely state. Chetty presented plans for the enhancement of Cochin Port. He also attempted to eradicate Hindu religious superstitions and implement Periyar’s plans. Chetty returned to Madras in 1941, and E. F. W. Dickinson succeeded him.
Shanmukham Chetty was appointed Finance Minister in independent India’s first ministry by the Father of the Nation, Mahatma Gandhi, against the wishes of Jawaharlal Nehru, due to his expertise in economics. However, due to a disagreement with Nehru, Chetty resigned shortly thereafter. Today, we remember Shanmukham Chetty for presenting the first budget of independent India on November 26, 1947.
Contributions
In addition to being a great economist, R.K. Shanmukham Chetty was an eminent jurist, industrialist, orator, and an exemplary devotee of Tamil literature. His contributions resulted from his participation in pre-independent India, his comprehension of financial issues, and his handling of the “sterling issues,” which resulted in India regaining the majority of the wealth it had lost to the British.
His most significant contribution to the nation was the creation of the first Indian budget. He began his budget speech by stating, “I rise to present the first budget of a free and independent India. This could very well be considered a momentous occasion, and I consider it a rare honour to be the Finance Minister presenting this budget. While I am aware of the honour that this position entails, I am even more aware of the responsibilities facing the custodian of India’s finances at this critical juncture.
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Death
On May 3, 1953, Shanmukham Chetty suffered a severe cardiac attack. On the evening of 5 May 1953, he succumbed to a second attack.
Honours
On 3 June 1933, Chetty was designated a Knight Commander of the Order of the Indian Empire.[17] Annamalai University conferred on him the degree of Doctor of Philosophy. On July 6, 2014, a life-size bronze statue of Dr Chetty was unveiled at R. K. Sreerangammal Kalvi Nilayam Higher Secondary School in Coimbatore.
