Miscellaneous - This Day That Age   

dated September 1, 1956: TTK is Finance Minister

The appointment of Mr. T.T. Krishnamachari, Commerce and Industry Minister, as the Finance Minister was officially announced in New Delhi on August 30. The Ministry of Commerce and Industry is split up into Ministry of Heavy Industries and Ministry of Commerce and Consumer Industry. Home Minister Pant will look after the Ministry of Heavy Industries, while Sardar Swaran Singh will be in charge of the Ministry of Commerce and Consumer Industry. Under normal conditions, perhaps, a new person may have been thought of in order to break the theory that finance is the preserve of experts. But it is realised that the present is not the time for experiment. Moreover, it is about this time of the year that the revision of the current year's budget and the formulation of the next year's budget proposals are undertaken and obviously the Prime Minister could not devote all his time and attention to this subject. Mr. Krishnamachari's knowledge of the country's financial and economic affairs is recognised on all hands. He has been taking a keen interest in the establishment of the new steel projects, and, therefore, he will continue to hold charge of the Ministry of Iron and Steel also.

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