As the countdown to the Union Budget 2025 begins, which will be presented on February 1, 2025, anticipation is running high. This budget marks the second regular budget under the third Modi-led government and the eighth presentation by Finance Minister Nirmala Sitharaman. Although the role of the Finance Minister is important in shaping the country’s financial situation, how many of us know about the Finance Minister who also held the prestigious position of Governor of the Reserve Bank of India (RBI)? Let’s delve into the interesting story of Sir Chintaman Dwarkanath Deshmukh, also known as Sir CD Deshmukh.
Who is like Sir CD Deshmukh?
Sir Chintaman Dwarkanath Deshmukh was the 3rd Finance Minister of independent India and the first Indian to serve as the Governor of the Reserve Bank of India. His work was marked by the first series, which shows his great influence on the financial and administrative history of India. Appointed by the British Raj, Deshmukh served as RBI Governor from August 11, 1943 to June 30, 1949. For his outstanding contributions, he was honored and awarded the title “Sir.”
From Deputy Governor to India’s First Governor of RBI
CD Deshmukh started his journey at the Reserve Bank of India as a Deputy Governor and later assumed the post of Governor. During his tenure, he represented India at the Bretton Woods Conference in 1944, a landmark event that led to the creation of the World Bank and the International Monetary Fund (IMF).
He also presided over:
- India’s transition to independence in 1947.
- A complex segment of financial assets and liabilities between India and Pakistan.
- Nationalization of RBI in 1949, turning it into a government agency.
- The Finance Minister Who Presented the Budget Seven Times
In 1950, CD Deshmukh joined Pandit Nehru’s Cabinet as Finance Minister and served until 1956. During his tenure, he presented the Union Budget seven times, a record that puts him alongside Yashwantrao Chavan and Yashwant Sinha.
Other notable records include:
- Moarji Desai: 10 budgets (8 annual and 2 interim)
- P. Chidambaram: 9 budget
- Pranab Mukherjee: 8 budgets
Deshmukh’s fiscal policies played an important role in stabilizing India’s economy during its post-independence boom years.
A legacy beyond the Ministry of Finance
Deshmukh resigned as Finance Minister during the Samyukta Maharashtra Movement but continued to serve the nation in various capacities:
Chairman of the University Grants Commission (UGC) (1956-1961): Established the India International Center in 1959.
Vice-Chancellor of Delhi University (1962-1967): Strengthened the efficiency of education in the capital.
In 1975, he was honored with the Padma Vibhushan, one of India’s highest awards.
A leader who is shaping India’s financial future
Sir CD Deshmukh’s journey from a respected civil servant to a visionary policy maker underscores his pivotal role in India’s financial and educational sectors. As we await the Union Budget 2025, his legacy reminds us of the tremendous impact a Finance Minister can have on a nation’s progress.