T. T. Krishnamachari

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.