Leopold Figl vs T. T. Krishnamachari

Leopold Figl became the first Chancellor of the Second Austrian Republic after the November 1945 elections, leading a grand coalition government. He oversaw the reconstruction of Austria after World War II, including economic recovery and political stabilization.

Under Figl's chancellorship, Austria participated in the Marshall Plan, receiving significant US economic aid. This aid was crucial for rebuilding infrastructure, stabilizing the currency, and laying the foundation for Austria's post-war economic growth.

Leopold Figl, as Federal Chancellor, signed the Austrian State Treaty on May 15, 1955, at the Belvedere Palace in Vienna. The treaty restored Austria's sovereignty and ended the Allied occupation, with Austria pledging permanent neutrality.

Figl traveled to Moscow in April 1955 to negotiate with the Soviet Union. The resulting Moscow Memorandum secured Soviet agreement to the State Treaty in exchange for Austria's declaration of permanent neutrality, modeled on Switzerland.

As a key economic advisor, Krishnamachari helped draft the 1956 Industrial Policy Resolution, which established the framework for India's mixed economy, reserving a large role for the public sector in heavy industries.

Krishnamachari was appointed as India's Finance Minister under Prime Minister Jawaharlal Nehru. He oversaw the implementation of the Second Five-Year Plan, focusing on rapid industrialization and import substitution.

As Finance Minister of India, Krishnamachari was implicated in the Mundhra scandal involving the purchase of shares of a private company by state-owned insurance corporations. He resigned from the cabinet in 1958 after a commission of inquiry criticized his actions.