Monday, March 18, 2019
Biography of C. D. Deshmukh:
Chintaman Dwarkanath Deshmukh, commonly known as C. D. Deshmukh, was an eminent Indian civil servant, economist, and the first Indian to be appointed as the Governor of the Reserve Bank of India (RBI). He was born on January 14, 1896, in Nategaon, Maharashtra, and passed away on October 2, 1982.
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| C. D. Deshmukh |
Education and Early Career:
C. D. Deshmukh studied at the University of Cambridge, where he completed his Tripos in Economics. He then pursued a career in the Indian Civil Service (ICS) during the British colonial era.
Civil Service Career of C. D. Deshmukh:
Deshmukh served in various administrative capacities under the British colonial government, including as the Finance Minister of the state of C.P. & Berar. He was known for his administrative acumen and economic expertise. After India gained independence in 1947, he continued his service under the new government.
Role in Economic Development:
Deshmukh played a crucial role in shaping India's economic policies and development plans in the early years after independence. He was appointed as the first Finance Minister of independent India in 1947, serving under Prime Minister Jawaharlal Nehru. He was instrumental in the formulation of the First Five-Year Plan, laying the foundation for India's economic development.
Governor of Reserve Bank of India:
In 1943, Deshmukh was appointed as the Governor of the Reserve Bank of India (RBI), making him the first Indian to hold this position. During his tenure, he worked towards stabilizing the Indian economy and implementing various monetary and fiscal policies to promote economic growth.
Later Life and Legacy of C. D. Deshmukh:
After his tenure as the RBI Governor, Deshmukh served as the Union Finance Minister of India from 1950 to 1956. He also represented India at various international forums, including the International Monetary Fund (IMF).
C. D. Deshmukh's contributions to India's economic and financial sectors have left a lasting impact on the country. He is remembered as a pioneering economist and a dedicated public servant who played a vital role in shaping India's economic policies during its formative years after independence.