Tiruvallur Thattai Krishnamachari was born on 26 November 1899 to a Madras High Court judge. He received his education from Madras University. In 1928, he set up TTK Company Ltd., an indenting agency. A few years later, he joined politics full-time and left the company’s affairs to his sons.
He became a member of the Madras Legislative Assembly in 1937 and of the Central Legislative Assembly in 1942.
Contribution to Constitution Making:
Krishnamachari was elected to the Constituent Assembly from Madras on a Congress Party ticket. As a member of the Drafting Committee, he dedicated 4014 hours in numerous assignments of the Committee. In the Assembly, he intervened on the issue of freedom of speech.
Krishnamachari was the Central Minister for Iron and Steel between 1955 and 1957. Later, he served briefly as the Finance Minister in 1956. During his tenure he brought in key tax reforms; he introduced taxes on capital gains, wealth, estate and expenditure. Amidst the Mundhra corruption scandal, he resigned in 1958. But in 1963 he was recalled to Nehru’s cabinet and served as the Finance Minister for two years.
He played a crucial role in the setting up of financial organizations including Industrial Development Bank of India and Unit Trust of India.
He passed away on 7 March 1974 leaving behind three sons.
In 1954 Krishnamachari authored his memoir Parliamentary Life during 1929-54, as a part of the Silver Jubilee Commemoration Volume published by Lok Sabha Secretariat.
Member, Drafting Committee.