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SirC. D. DeshmukhCIE ICS
Deshmukh at Palam Airport in 1952
10th Vice Chancellor of University of Delhi
In office 1962 - 1967
Preceded by	N.K. Sidhant
Succeeded by	B.N. Ganguly
Chairman of University Grants Commission
In office 1956 - 1961
Preceded by	Pt. H.N. Kunzru
Succeeded by	Dr. V.S. Krishna
4th Minister of Finance
In office 29 May 1950- 24 July 1956
Prime Minister	Jawaharlal Nehru
Preceded by	John Mathai
Succeeded by	T. T. Krishnamachari
Member of Parliament, Lok Sabha
In office 1952 - 1957
Preceded by	position established
Succeeded by	Rajaram Balkrishna Raut
Constituency	Kolaba
3rd Governor of Reserve Bank of India
In office 11 August 1943 - 30 June 1949
Preceded by	Sir James Braid Taylor
Succeeded by	Sir Benegal Rama Rau
Personal details
Born	(1896-01-14)14 January 1896 Nate, Bombay Presidency, British India
Died	2 October 1982(1982-10-02) (aged 86) Hyderabad, Andhra Pradesh (now Telangana), India
Nationality	British Indian (1896–1947) Indian (1947–1982)
Spouses	Rosina A. Wilcox ​ ​(m. 1919; died 1949)​ Durgabai Gummidithala ​ ​(m. 1953; died 1981)​
Children	1 (daughter)
Alma mater	University of Cambridge
Awards	Padma Vibushan (1975) Ramon Magsaysay Award (1959) Companion of the Order of the Indian Empire (1937)
Signature

Sir Chintaman Dwarakanath Deshmukh CIE ICS (14 January 1896 – 2 October 1982) was an Indian civil servant and the first Indian to be appointed the Governor of the Reserve Bank of India in 1943 by the British Raj authorities. He subsequently served as the Finance Minister in the Union Cabinet (1950–1956). It was during this time that he also became a founding member of the Governing Body of NCAER, the National Council of Applied Economic Research in New Delhi, India's first independent economic policy institute established in 1956 at the behest of Prime Minister Jawaharlal Nehru. After resignation from Union Cabinet he worked as Chairman of UGC (1956–1961). He served as Vice-Chancellor of University of Delhi (1962–67). He was also President of Indian Statistical Institute from 1945 to 1964, Honorary Chairman of National Book Trust (1957–60).

He founded India International Center in 1959 and served as Lifetime President of it. He was also chairman of Indian Institute of Public Administration.

Early life and education

Chintaman Deshmukh was born in a Marathi-speaking family to Dwarakanath Raje-Deshmukh, a lawyer and Bhagirathibai Raje-Deshmukh (née Sule-Mahagaonkar family) on 14 January 1896 in Nategaon, near Fort Raigad, Maharashtra. He was schooled at Roha and Tala and at the Elphinstone High School, Bombay. In 1912, Deshmukh passed the Matriculation Examination of the University of Bombay with record marks and secured the first Jagannath Shankarseth Scholarship in Sanskrit. In 1915 he went to England and graduated with a degree in Natural Sciences Tripos from Jesus College, Cambridge in 1917. He was awarded the Frank Smart Prize in Botany and was also president of the Majlis Society. In 1918 he sat for, and stood first in the Indian Civil Service Examination, then held only in London.

Civil service career

Deshmukh returned to India in 1920 and worked in the Central Provinces and Berar where he went on to hold several posts including as undersecretary to the government, Deputy Commissioner and Settlement Officer and as secretary to the Secretary-General at the Second Round Table Conference of 1931, later becoming secretary to the finance and public works department. He also served briefly as Joint Secretary to Government of India in the departments of education and health and was Custodian of Enemy Property.

At the Reserve Bank of India

Deshmukh joined the Reserve Bank of India in 1939 and served successively as its Secretary to the Board, Deputy Governor and the Governor. He was appointed Governor of the Reserve Bank of India in August 1943 and is one of the eight Deputy Governors of the Bank who have gone on to become its Governor. As Governor, Deshmukh helped establish the Industrial Finance Corporation and focused on the promotion of rural credit. Deshmukh's tenure saw the RBI begin a Research and Statistics department, the demonetisation of bank notes of ₹ 500 and above, the ceasing of the RBI's role as the central banks of Burma and State Bank of Pakistan and the enactment of the Banking Companies Act, 1949 that laid down the framework for regulation of India's banking sector. The RBI was nationalised on 1 January 1949 through the RBI Act, 1948. Deshmukh opposed this proposal for nationalisation but agreed to continue as the chairman of the board of directors presiding over the transition of the bank from a private to a nationalised institution. In July 1949 Benegal Rama Rau succeeded Deshmukh as the Governor of the RBI.

Bretton Woods Conference

Deshmukh was a member of a five-member delegation representing India at the Bretton Woods Conference that established the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD). On the issue of quotas, Deshmukh suggested that India walk out of the conference since the original hierarchy would have excluded India from being automatically represented through an executive director at the IMF. The delegation also succeeded in bringing the issues of poverty and development into the agenda of the IBRD. It is said that John Maynard Keynes was so impressed by the "dignity, ability and reasonableness" of Deshmukh that he recommended Deshmukh head the IMF as its first managing director a suggestion that was however rejected by the United States.

He was a member of the Board of Governors of both of these institutions from 1946 to 1956. In 1950, he was elected Chairman of the Joint Annual Meeting of the Boards of Governors of these institutions at its Paris Conference.

Deshmukh Award

Following Partition, the division of income tax revenue and jute export duty between the Union government and the states of India had to be decided based on the changed geographical realities. The Government of India appointed Deshmukh to resolve this matter pending the establishment of a Finance Commission. The Deshmukh Award, which was effected in 1950, factored in population in deciding the division of revenue and recommended grants in aid for various states and remained in force until April 1952.

Union Finance Minister

Deshmukh was one of five members of the Planning Commission when it was constituted in 1950 by a cabinet resolution. Deshmukh succeeded John Mathai as the Union Finance Minister in 1950 after Mathai resigned in protest over the transfer of certain powers to the Planning Commission. As Finance Minister, Deshmukh continued to remain a member of the Planning Commission. His successors as Finance Minister were also made members of the Commission thus establishing a convention of the Finance Minister being an ex officio member of the Commission. Deshmukh's term as Finance Minister covered the period of the First Five Year Plan. He employed deficit financing as a key tool in bringing about planned investment but inflation and revenue deficits became major challenges during this period. Deshmukh was also chairman of a panel of economists that recommended the proposed Second Five Year Plan with its capital intensive model of development. He envisioned a significant role for the village and cottage industries in curbing unemployment and inflation caused by deficit financing and got the Congress Working Committee to approve the draft plan.

Deshmukh's first budget of 1951-52 proposed an overall rise in taxes. The following year he presented an interim budget for 1952-53 and a full budget in the first elected Parliament of India to which he was elected from the Kolaba constituency of Bombay State. In 1952 Deshmukh invited Paul Appleby to study Indian administration and Appleby's reports led to the establishment of the Organisation and Management Organisation in the Government of India and the establishment of the Indian Institute of Public Administration of which Deshmukh later became vice president and chairman. In 1955, the State Bank of India was formed through the nationalisation and amalgamation of the Imperial Bank with several smaller banks. This was undertaken on the recommendation of the All-India Rural Credit Survey Committee although Deshmukh had been opposed to plans for nationalising the bank when he was the RBI Governor. The nationalisation of insurance companies and the formation of the Life Insurance Corporation of India was accomplished by him through the Life Insurance Corporation of India Act, 1956. He resigned over the proposal of the Government of India to move a bill in Parliament bifurcating Bombay State into Gujarat and Maharashtra while designating the City of Bombay a Union Territory. Deshmukh's tenure - during which he delivered six budgets and an interim budget - is noted for the effective management of the Indian economy and its steady growth which saw the economy recover from the impacts of the events of the 1940s.

Later career

Shortly after his resignation from the Cabinet, Deshmukh was appointed Chairman of India's University Grants Commission in 1956, a post he held until 1961. Deshmukh, who was the first chairman of the commission after it became a statutory body, played a key role in the development of university libraries during his tenure. He was also the founding chairman of the National Book Trust which was inaugurated in 1957 with the aim of making available books priced moderately to the general public and libraries. From 1962 - 1967, Deshmukh served as the tenth Vice Chancellor of the University of Delhi. He invited the Ford Foundation to survey and finance the upgradation of the Delhi University Library through a grant of US$ 1 million.

Deshmukh contested the Indian presidential election of 1969 as a candidate of the Swatantra Party and the Jana Sangh and won the third-highest number of first preference votes.

Personal life

Deshmukh married Rosina Arthur Wilcox in 1920 with whom he had a daughter, Primrose. After Rosina's death in 1949, Deshmukh married Durgabai in 1953 and they were married until her death in 1981. Chintaman and I is her memoir published in 1980.

In 1974, he published his autobiography The Course of My Life.

Deshmukh died in Hyderabad on 2 October 1982.

Awards

Deshmukh was appointed a Companion of the Order of the Indian Empire in 1937, and conferred a knighthood in 1944.

He was awarded an honorary Doctor of Science by the University of Calcutta in 1957 and an honorary Doctor of Literature by the Panjab University in 1959.

In 1959, Deshmukh was a co-recipient (along with Jose Aguilar of the Philippines) of the Ramon Magsaysay Award for distinguished Government Service. Jesus College, Cambridge, Deshmukh's alma mater, elected him its Honorary Fellow in 1952 in recognition of his distinguished contribution in the areas of Indian and international finance and administration.

In 1975, Sir Chintaman and Durgabai Deshmukh were awarded the Padma Vibhushan.

Legacy

The Reserve Bank of India organises the annual lecture series called 'Chintaman Deshmukh Memorial Lectures', since 1984. The National Council of Applied Economic Research also conducts the annual C.D. Deshmukh Memorial Lecture since 2013.

The Thane Municipal Corporation established the Chintamanrao Deshmukh Institute for Administrative Careers in 1987, to prepare the youth to enter the civil services. A road in the Tilakwadi area of the city of Belgaum has been named as 'C. D. Deshmukh Road'. The India International Centre in New Delhi has an auditorium named after Deshmukh.

In 2004, a commemorative postage stamp was released in his honour.

The National Insurance Academy organises the annual seminar called "CD Deshmukh Memorial Seminar" since the last 22 years.

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v t e Governors of the Reserve Bank of India
	Sir Osborne Smith (1935–37) Sir James Braid Taylor (1937–43) Sir C. D. Deshmukh (1943–49) Sir Benegal Rama Rau (1949–57) K. G. Ambegaonkar (1957) H. V. R. Iengar (1957–62) P. C. Bhattacharya (1962–67) Lakshmi Kant Jha (1967–70) B. N. Adarkar (1970) Sarukkai Jagannathan (1970–75) N. C. Sen Gupta (1975) K. R. Puri (1975–77) M. Narasimham (1977) I. G. Patel (1977–82) Manmohan Singh (1982–85) Amitav Ghosh (1985) R. N. Malhotra (1985–90) S. Venkitaramanan (1990–92) C. Rangarajan (1992–97) Bimal Jalan (1997–2003) Y. V. Reddy (2003–08) Duvvuri Subbarao (2008–13) Raghuram Rajan (2013–16) Urjit Patel (2016–18) Shaktikanta Das (2018–24) Sanjay Malhotra (2024–present)

v t e Finance ministers of India
R. K. Shanmukham Chetty John Mathai C. D. Deshmukh T. T. Krishnamachari Jawaharlal Nehru Morarji Desai Sachindra Chaudhuri Indira Gandhi Yashwantrao Chavan Chidambaram Subramaniam Hirubhai M. Patel Charan Singh Hemwati Nandan Bahuguna R. Venkataraman Pranab Mukherjee Vishwanath Pratap Singh Rajiv Gandhi N. D. Tiwari Shankarrao Chavan Madhu Dandavate Yashwant Sinha Manmohan Singh Jaswant Singh P. Chidambaram I. K. Gujral Arun Jaitley Piyush Goyal Nirmala Sitharaman (incumbent)

v t e Ministry of Finance (India)
Departments	Economic Affairs Economic Division: Economic Survey Budget Division: Union budget Expenditure Pay Commission 7th Central Pay Commission (CPC) and Defence Forces Sixth Central Pay Commission Revenue Income Tax Department Central Board of Indirect Taxes and Customs Financial Services Pradhan Mantri Jan Dhan Yojana DIPAM Disinvestment in India Disinvestment of Public Sector Units in India DPE Efficient monitoring of the capital expenditure Asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs)
Secretaries	Economic Affairs Rajiv Mehrishi Shaktikanta Das Subhash Chandra Garg Atanu Chakraborty (incumbent) Revenue Shaktikanta Das Ajay Bhushan Pandey Hasmukh Adhia (incumbent) Finance Ratan P. Watal Ashok Lavasa Hasmukh Adhia Ajay Narayan Jha Rajiv Kumar (incumbent)
Finance ministers	R. K. Shanmukham Chetty John Mathai C. D. Deshmukh T. T. Krishnamachari Jawaharlal Nehru Morarji Desai Sachindra Chaudhuri Indira Gandhi Yashwantrao Chavan Chidambaram Subramaniam Hirubhai M. Patel Charan Singh Hemwati Nandan Bahuguna R. Venkataraman Pranab Mukherjee Vishwanath Pratap Singh Rajiv Gandhi N. D. Tiwari Shankarrao Chavan Madhu Dandavate Yashwant Sinha Manmohan Singh Jaswant Singh P. Chidambaram I. K. Gujral Arun Jaitley Piyush Goyal Nirmala Sitharaman (incumbent)
Ministers of state for finance	Nirmala Sitharaman Jayant Sinha Arjun Ram Meghwal Pon Radhakrishnan Anurag Thakur Bhagwat Karad (incumbent) Pankaj Chaudhary (incumbent)
Chief Economic Advisor	JJ Anjaria IG Patel IG Patel VK Ramaswamy Ashok Mitra Manmohan Singh RM Honavar Bimal Jalan Nitin Desai Deepak Nayyar Shankar Acharya Rakesh Mohan Ashok K Lahiri Arvind Virmani Kaushik Basu Raghuram Rajan Arvind Subramanian Krishnamurthy Subramanian V. Anantha Nageswaran (incumbent)
Finance commissions	1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th

v t e Ramon Magsaysay Award recipients
Government Service (1958–2008)  Cambodia Ek Sonn Chan  China Yuan Longping  India C.D. Deshmukh J. M. Lyngdoh  Indonesia Raden Kodijat Ali Sadikin  Japan Morihiko Hiramatsu Hiroshi Kuroki Yukiharu Miki  Laos Keo Viphakone  Malaysia Mohamed Suffian Mohamed Hashim B. C. Shekhar  Pakistan Akhtar Hameed Khan Ibn Abdur Rehman  Philippines Jose Vasquez Aguilar Francisca Reyes-Aquino Hilario Davide Jr. Grace Padaca Jesse Robredo Jovito R. Salonga Miriam Defensor Santiago Haydee Yorac  Singapore Goh Keng Swee  Thailand Anand Panyarachun Chamlong Srimuang Jon Ungphakorn Phon Sangsingkeo Prawase Wasi Puey Ungpakorn  Taiwan Shih-chu Hsu Li Kwoh-ting Jiang Menglin
Public Service (1958–2008)  Burma Tee Tee Luce  Ceylon Mary H. Rutnam  China Gao Yaojie Jiang Yanyong Liang Congjie Wu Qing  India Baba Amte Banoo Jehangir Coyaji Manibhai Desai Jayaprakash Narayan V. Shanta  Indonesia H.B. Jassin Teten Masduki  Pakistan Ruth Pfau  Philippines Pedro Orata Center for Agriculture and Rural Development Mutually Reinforcing Institutions (CARD MRI)  South Korea Kim Sun-tae Park Won-soon  Spain based in  Philippines Joaquin Villalonga  Thailand Fua Hariphitak Mechai Viravaidya Nilawan Pintong Phra Parnchand Prateep Ungsongtham Hata Sirindhorn Sithiporn Kridakara Sophon Suphapong Therdchai Jivacate Thongbai Thongpao
Community Leadership (1958–2008)  Bangladesh Tahrunessa Abdullah Fazle Hasan Abed Muhammad Yunus Zafrullah Chowdhury Mohammed Yeasin Angela Gomes  Burma Cynthia Maung  India Mandakini Amte & Prakash Amte Mabelle Arole & Rajanikant Arole Pandurang Shastri Athavale Chandi Prasad Bhatt Ela Bhatt Vinoba Bhave Aruna Roy Shantha Sinha Rajendra Singh  Japan Fusaye Ichikawa  Laos Sombath Somphone  Malaysia Tunku Abdul Rahman    Nepal Mahabir Pun  Philippines Gawad Kalinga Community Development Foundation Antonio Meloto  Thailand Aree Valyasevi Krasae Chanawongse Prayong Ronnarong  Tibet 14th Dalai Lama
Journalism, Literature, and the Creative Communication Arts (1958–2008)  Bangladesh Matiur Rahman Abdullah Abu Sayeed  Burma Edward Michael Law-Yone  Ceylon or  Sri Lanka Wannakuwatta Amaradeva Tarzie Vittachi  India Mahasweta Devi Palagummi Sainath Amitabha Chowdhury  Indonesia Atmakusuma Astraatmadja Mochtar Lubis  Japan Akira Kurosawa Yasuji Hanamori Michiko Ishimure Akio Ishii    Nepal Bharat Koirala  Philippines Zacarias Sarian F. Sionil José Lino Brocka Radio Veritas James Reuter Bienvenido Lumbera Nick Joaquin Raul Locsin Eugenia Duran Apostol Sheila Coronel  Thailand Prayoon Chanyavongs  Great Britain based in  Philippines Robert McCulloch Dick
Peace and International Understanding (1958–2008)  China Tang Xiyang  India Mother Teresa Jockin Arputham Laxminarayan Ramdas  Indonesia Ahmad Syafi'i Maarif  Japan Ikuo Hirayama Tetsu Nakamura Saburo Okita Seiei Toyama    Nepal Sanduk Ruit  Pakistan Ibn Abdur Rehman  Philippines Operation Brotherhood Summer Institute of Linguistics William Masterson Harold Ray Watson International Institute of Rural Reconstruction Press Foundation of Asia Asian Institute of Management Corazon Aquino  South Korea Pomnyun Sunim  Thailand Asian Institute of Technology The Royal Project  United States based in  Thailand Genevieve Caulfield
Emergent Leadership (2001–)  Burma Ka Hsaw Wa  China Chen Guangcheng  Cambodia Oung Chanthol  India Sanjiv Chaturvedi Arvind Kejriwal Nileema Mishra Sandeep Pandey  Indonesia Ambrosius Ruwindrijarto Dita Indah Sari  Philippines Benjamin Abadiano  South Korea Yoon Hye-ran  Sri Lanka Ananda Galappatti  East Timor Aniceto Guterres Lopes  United States based in  Hong Kong Chung To
Uncategorized (2009–)  Bangladesh Syeda Rizwana Hasan A.H.M. Noman Khan  Cambodia Yang Saing Koma Koul Panha  China Fu Qiping Huo Daishan Ma Jun Pan Yue Yu Xiaogang  India Kulandei Francis Harish Hande Deep Joshi  Indonesia Hasanain Juaini Tri Mumpuni  Japan Tadatoshi Akiba  Philippines Alternative Indigenous Development Foundation, Inc. (AIDFI) Christopher Bernido Ma. Victoria Carpio-Bernido Romulo Davide Antonio Oposa Jr.  Taiwan Chen Shu-chu  Thailand Krisana Kraisintu

• 1896 births
• 1982 deaths
• India MPs 1952–1957
• Finance ministers of India
• Ministers for corporate affairs
• Candidates for President of India
• Governors of the Reserve Bank of India
• Indian Civil Service (British India) officers
• Indian civil servants
• Indian bankers
• Indian knights
• Indian Knights Bachelor
• Ramon Magsaysay Award winners
• Recipients of the Padma Vibhushan in public affairs
• Companions of the Order of the Indian Empire
• Bretton Woods Conference delegates
• Vice-chancellors of the University of Delhi
• Alumni of Jesus College, Cambridge
• Fellows of Jesus College, Cambridge
• People from Raigad district
• Businesspeople from Maharashtra
• 20th-century Indian businesspeople
• Marathi people