Word: krishnamachari
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...magnificently and then gradually fall farther and farther behind schedule. The second five-year plan had to be abruptly cut back because it was creating a profitless drain on foreign exchange. "We are riding the tiger of industrialization and can't get off," said Finance Minister T. T. Krishnamachari. Severe restrictions on imports, and new taxes on wealth and expenditures wrung outraged cries from the business community. There were strikes and food riots from Calcutta to Madras...
Time to Retire? Even more damaging has been mounting evidence of Congress Party corruption, epitomized in the public mind by the insurance scandal that led to the ouster of ex-Finance Minister T. T. Krishnamachari (TIME, March 3). In Delhi, another longtime Congress Party stronghold. Congress candidates last month won only 31 out of 80 Municipal Corporation seats. Three weeks ago in Calcutta, Siddhartha Ray, a bright young Congress Party minister in the West Bengal state government, resigned office with the angry charge that "the people who control the West Bengal Congress today [are] an unscrupulous section of rich industrialists...
...nearly every political discussion sooner or later ends in the same question: Who will take over when 68-year-old Prime Minister Jawaharlal Nehru passes from the scene? Last week Indians got a strong hint on how Nehru himself proposes to answer the question. To replace hapless T. T. Krishnamachari, forced out of office by a scandal over government misuse of insurance funds (TIME, March 3), Nehru chose as his Finance Minister 62-year-old Morarji Desai, who was Minister of Commerce and Industry...
...Krishnamachari himself recalled "some discussions" about stock purchases but "no order, no instructions." Unsympathetically, the judge found that Krishnamachari "must fully and squarely accept responsibility for what his ministry did," and Nehru immediately accepted Krishnamachari's resignation. The case confirmed what many Indian voters have long suspected-that the Congress Party has become negligent and arrogant in its long tenure of power. The charge of collusion had not been proved, but clear to all to see was the highhanded way in which a supposedly independent nationalized corporation had jumped to do a minister's bidding...
Daily Worship. Last week Nehru was doing what he could to repair his government's damaged prestige. He admitted "improprieties" existed (but insisted that Krishnamachari had not the smallest part in it that he could see), and ordered formal proceedings against Patel and the two insurance corporation officials who swung the deal. Federal police roused Promoter Mundhra at dawn from the $30-a-day prince's suite of New Delhi's Claridge's Hotel and hauled him off to jail on charges of criminal conspiracy, cheating and forging false stock certificates...