R. K. Shanmukham Chetty

Sir Ramasamy Chettiar Kandasamy Shanmukham Chettiar KCIE (17 October 1892 – 5 May 1953) was an Indian lawyer, economist and statesman who served as first Finance Minister of India from 1947 to 1948. He also served as President of India's Central Legislative Assembly from 1933 to 1935 and Diwan of Cochin kingdom from 1935 to 1941.

Shanmukham Chettiar was born in Coimbatore in 1892 and studied at Madras Christian College and Madras Law College. On completion of his education, Shanmukham Chettiar joined politics and served both in the Indian nationalist Swaraj Party as well as the Justice Party. Shanmukham Chettiar was elected to the Central Legislative Assembly of India and served as its Deputy President from 1931 to 1935. After losing the 1935 elections, Chettiar returned to South India where he served as Diwan of Cochin kingdom from 1935 to 1941. On India's independence in 1947, Jawaharlal Nehru, the first Prime Minister of India controversially chose Chettiar as his Finance Minister despite the latter's well known pro-British leanings. Shanmukham Chettiar died on 5 May 1953.

During his public life, Chettiar also identified with a number of social causes. He was a strong supporter of the Tamil Isai Movement. Shanmukham Chettiar was the Finance Minister of India when the country's first budget was tabled in Parliament on 26 November 1947.

Early life

Shanmukham Chettiar was born to Kandasamy Chettiar in Vaaniar Street, Coimbatore on 17 October 1892. Shanmukham Chettiar's grandfather Ramasami Chettiar had migrated to Coimbatore in the middle of the 19th century. The family was involved in business and owned a number of mills in Coimbatore city.

Shanmukham Chettiar had his schooling at Coimbatore. He studied economics at Madras Christian College and graduated in law from Madras Law College. On completion of his graduation, Shanmukham Chettiar did not join the bar. Instead, he took care of the family business and after some time, entered politics.

Early political career

Shanmukham Chettiar joined the Justice Party and became a Councillor in the Coimbatore municipality in 1917. Soon afterwards, he was elected Vice-Chairman of the Coimbatore Municipality. Chettiar is credited with having brought about some reforms in the municipal administration. He served as a member of the Madras Legislative Council from 1920 to 1922, when he resigned. Chettiar represented Indian employers at the International Labour Conference in Geneva in 1928, 1929 and 1932. Shanmukham Chettiar served as President till 1935, when he had to quit his membership of the Central legislative Assembly after losing the 1935 elections.

Later political career Chettiyar served as Diwan of Cochin from 1935 to 1941. During his tenure, new reforms were brought in the administration of the princely state. During this period, Shanmukham Chettiar tried to revive the staggering Justice Party but failed. Shanmugam Chettiyar is, today, remembered for presenting the first budget of independent India on 26 November 1947. Chettiyar returned to state politics and was re-elected to the Madras State Legislative Assembly in the 1952 elections as an independent candidate.

Constituent Assembly Debates Source:

In the Constituent Assembly, Chettiyar he intervened on the issues of fiscal federalism.

The Parliament House will join with me in conveying our condolence to his family. The House may stand in silence for a minute and express its sorrow.

Death Shanmugam Chettiyar suffered a severe heart attack on 3 May 1953. He succumbed to a second attack on the evening of 5 May 1953.

Honours Chettiyar was made a Knight Commander of the Order of the Indian Empire on 3 June 1933. He was conferred with the degree of Doctor of Philosophy by the Annamalai University. A life-size bronze statue of Dr. Chettiyar was unveiled on the campus of R. K. Srirangammal Kalvi Nilayam Higher Secondary School, Coimbatore on 6 July 2014. Kochi's Shanmugham road is named after him.