C. D. Deshmukh

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3rd Governor of Reserve Bank of India
In office
11 August 1943 - 30 June 1949[4]
Preceded bySir James Braid Taylor
Succeeded bySir Benegal Rama Rau
Personal details
Born(1896-01-14)14 January 1896
British India
Died2 October 1982(1982-10-02) (aged 86)
Hyderabad, Andhra Pradesh (now Telangana), India
NationalityBritish Indian (1896–1947)
Indian (1947–1982)
Spouses
Rosina A. Wilcox
​
​
(m. 1919; died 1949)​
​
​
(m. 1953; died 1981)​
Children1 (daughter)
Companion of the Order of the Indian Empire (1937)
Signature

Sir Chintaman Dwarakanath Deshmukh

University of Delhi (1962–67). He was also President of Indian Statistical Institute from 1945 to 1964, Honorary Chairman of National Book Trust
(1957–60).

He founded

India International Center in 1959 and served as Lifetime President of it. He was also chairman of Indian Institute of Public Administration
.

Early life and education

Chintaman Deshmukh was born in a

Indian Civil Service Examination, then held only in London.[10][11]

Civil service career

Deshmukh returned to India in 1920 and worked in the

Joint Secretary to Government of India in the departments of education and health and was Custodian of Enemy Property.[14]

At the Reserve Bank of India

Deshmukh joined the Reserve Bank of India in 1939 and served successively as its Secretary to the Board, Deputy Governor and the Governor.[15] He was appointed Governor of the Reserve Bank of India in August 1943 and is one of the eight Deputy Governors of the Bank who have gone on to become its Governor.[16][17] As Governor, Deshmukh helped establish the Industrial Finance Corporation and focused on the promotion of rural credit.[18] Deshmukh's tenure saw the RBI begin a Research and Statistics department, the demonetisation of bank notes of ₹ 500 and above, the ceasing of the RBI's role as the central banks of Burma and State Bank of Pakistan and the enactment of the Banking Companies Act, 1949 that laid down the framework for regulation of India's banking sector.[19] The RBI was nationalised on 1 January 1949 through the RBI Act, 1948.[20] Deshmukh opposed this proposal for nationalisation but agreed to continue as the chairman of the board of directors presiding over the transition of the bank from a private to a nationalised institution.[21][22][23] In July 1949 Benegal Rama Rau succeeded Deshmukh as the Governor of the RBI.[19]

Bretton Woods Conference

Deshmukh was a member of a five-member delegation representing India at the Bretton Woods Conference that established the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD).[24] On the issue of quotas, Deshmukh suggested that India walk out of the conference since the original hierarchy would have excluded India from being automatically represented through an executive director at the IMF.[25] The delegation also succeeded in bringing the issues of poverty and development into the agenda of the IBRD.[26] It is said that John Maynard Keynes was so impressed by the "dignity, ability and reasonableness" of Deshmukh that he recommended Deshmukh head the IMF as its first managing director a suggestion that was however rejected by the United States.[27][26][28][29]

He was a member of the Board of Governors of both of these institutions from 1946 to 1956. In 1950, he was elected Chairman of the Joint Annual Meeting of the Boards of Governors of these institutions at its Paris Conference.[30]

Deshmukh Award

Following Partition, the division of

grants in aid for various states and remained in force until April 1952.[31][32][33][34]

Union Finance Minister

Deshmukh was one of five members of the Planning Commission when it was constituted in 1950 by a cabinet resolution.

Union Finance Minister in 1950 after Mathai resigned in protest over the transfer of certain powers to the Planning Commission.[37] As Finance Minister, Deshmukh continued to remain a member of the Planning Commission.[38] His successors as Finance Minister were also made members of the Commission thus establishing a convention of the Finance Minister being an ex officio member of the Commission.[35] Deshmukh's term as Finance Minister covered the period of the First Five Year Plan. He employed deficit financing as a key tool in bringing about planned investment but inflation and revenue deficits became major challenges during this period.[39] Deshmukh was also chairman of a panel of economists that recommended the proposed Second Five Year Plan with its capital intensive model of development. He envisioned a significant role for the village and cottage industries in curbing unemployment and inflation caused by deficit financing and got the Congress Working Committee to approve the draft plan.[40][41][42]

Deshmukh's first budget of 1951-52 proposed an overall rise in taxes.

Life Insurance Corporation of India was accomplished by him through the Life Insurance Corporation of India Act, 1956.[51][52] He resigned over the proposal of the Government of India to move a bill in Parliament bifurcating Bombay State into Gujarat and Maharashtra while designating the City of Bombay a Union Territory.[53][54] Deshmukh's tenure - during which he delivered six budgets and an interim budget[55] - is noted for the effective management of the Indian economy and its steady growth which saw the economy recover from the impacts of the events of the 1940s.[56][57]

Later career

Shortly after his resignation from the Cabinet, Deshmukh was appointed Chairman of India's

University of Delhi. He invited the Ford Foundation to survey and finance the upgradation of the Delhi University Library through a grant of US$ 1 million.[64]

Deshmukh contested the

Jana Sangh and won the third-highest number of first preference votes.[65][66][67][68]

Personal life

Deshmukh married Rosina Arthur Wilcox in 1920 with whom he had a daughter, Primrose.[69] After Rosina's death in 1949, Deshmukh married Durgabai in 1953 and they were married until her death in 1981. Chintaman and I is her memoir published in 1980.[70]

In 1974, he published his autobiography The Course of My Life.[71]

Deshmukh died in Hyderabad on 2 October 1982.[72]

Awards

Deshmukh on a 2004 stamp of India

Deshmukh was appointed a

Companion of the Order of the Indian Empire in 1937, and conferred a knighthood in 1944.[73][74]

He was awarded an honorary

Doctor of Literature by the Panjab University in 1959.[75][76]

In 1959, Deshmukh was a co-recipient (along with Jose Aguilar of the Philippines[77]) of the Ramon Magsaysay Award for distinguished Government Service. Jesus College, Cambridge, Deshmukh's alma mater, elected him its Honorary Fellow in 1952 in recognition of his distinguished contribution in the areas of Indian and international finance and administration.

In 1975, Sir Chintaman and Durgabai Deshmukh were awarded the Padma Vibhushan.[78]

Legacy

The Reserve Bank of India organises the annual lecture series called 'Chintaman Deshmukh Memorial Lectures', since 1984.[79] The National Council of Applied Economic Research also conducts the annual C.D. Deshmukh Memorial Lecture since 2013.[80][81][82]

The Thane Municipal Corporation established the Chintamanrao Deshmukh Institute for Administrative Careers in 1987, to prepare the youth to enter the civil services.[83] A road in the Tilakwadi area of the city of Belgaum has been named as 'C. D. Deshmukh Road'. The India International Centre in New Delhi has an auditorium named after Deshmukh.[84][85]

In 2004, a commemorative postage stamp was released in his honour.[86]

The National Insurance Academy organises the annual seminar called "CD Deshmukh Memorial Seminar" since the last 22 years.

References

  1. ^ Dr. Rajendra Prasad swearing in Shri C.D. Deshmukh as Finance Minister at the ceremony held at Government House on May 29, 1950. photodivision.gov.in
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  6. ^ Yogendra K. Malik (1981). South Asian intellectuals and social change: a study of the role of vernacular-speaking intelligentsia. the University of Michigan. p. 63. CD. Deshmukh (1896-), a C.K.P., served as a civil servant, becoming nationally known as a financial expert only after the independence.
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