Word: krishnamachari
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...Krishna Menon, still hope to boost Daughter Indira into power, but she may well settle for taking over her father's second job as External Affairs Minister. At the moment, a trio of right-leaning moderates are in control: Home Minister G. L. Nanda, Finance Minister T. T. Krishnamachari, and Minister without Portfolio Lai Bahadur Shastri...
Control Mechanism. Most other bankers and businessmen seem less alarmed than the British. A world depression, argues the Indian economist T. T. Krishnamachari, a minister without portfolio in Nehru's cabinet, while possible, is most unlikely. Says Krishnamachari: "I think the world has developed techniques of meeting such things better than...
...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...