JRD Tata Archives - Tiger and Palm Tree

As the Chairman of the Planning Commission, Prime Minister Nehru signs the draft first five year plan in 1951. To his right is Gulzarilal Nanda, Deputy Chairman. Behind Nanda is RK Patil (ICS, 1931), Member, who resigned from the service in 1943 for social work. Partially covered behind him is probably N Raghavan Pillai (ICS,1922), Cabinet Secretary and ex-officio Secretary to the Commission. To his right is Tarlok Singh (ICS, 1937), the Deputy Secretary, who served for long on the Commission earning it the moniker, Tarlok Sabha. Behind him is a young KN Raj, 27, who prepared the draft. To Nehru’s left are, in that order, CD Deshmukh, Finance Minister and Member, GL Mehta, later Indian Ambassador to the US (1952-58), and VT Krishnamachari, who we meet again and will encounter again.

Dr IG Patel’s tenure as Deputy Economic Adviser lasted from 1954 to 1959. By then, the first five year plan was already in progress. The work on the second plan had started. In the third part on IG’s life, we discuss a few major developments and other anecdotes. A detailed discussion on the second plan follows in another post. Continue reading “IG Patel as Deputy Economic Adviser”

A potpourri of personal thoughts and anecdotes on exchange control, the dollar, the rupee and SDR

During the over three decades in central banking, I never worked in foreign exchange or related functions. Without going into detail, this was part choice and part chance. Nevertheless, my batch’s 64-week induction training involved working for two months at all desks, including clerical ones, of the Exchange Control Department (ECD), as the department was then known. When ‘management’ replaced ‘regulation’ in the erstwhile Foreign Exchange Regulation Act, ECD eschewed ‘control’ and became the Foreign Exchange Department. Similarly, the Controller in charge of the Department’s Central Office in Mumbai became a Chief General Manager like any other. Continue reading “Rupee and SDR”