A doyen of Indian industry who earned the sobriquet ‘Father of PSUs’ for his adroit steering of ailing behemoths, Venkataraman Krishnamurthy was born on 14 January 1925 in Karuvely, a hamlet in Thanjavur, Tamil Nadu. After his schooling, he enrolled for a three-year diploma in Electrical Engineering in the CNT Technical Institute and completed the course in 1943. He then appeared for the UPSC and joined the Central Engineering Services. Academically inclined, Krishnamurthy secured Doctorate in Economics from the Soviet Academy of Sciences. His first job was with the Madras Electricity Board.
His administrative acumen and skill caught the attention of the central government and he was appointed the Chairman of the Bharat Heavy Electricals Ltd. (BHEL) which was then in a bad shape. Krishnamurthy was instrumental in turning around the PSU and later he became the founder Chairman of Maruti Udyog. Among his other assignments was the Chairmanship of PSUs like Steel Authority of India Ltd. (SAIL) and Gas Authority of India Ltd. (GAIL). Krishnamurthy brought to bear his innate skill and his expertise in man management as well. A hands-on professional, he ensured that all the companies that he headed not only turned the corner but also found their profits soaring in India and abroad.
Krishnamurthy had the unique distinction of serving under five Prime Ministers, Lal Bahadur Shastri, Indira Gandhi, Morarji Desai, Rajiv Gandhi and Dr Manmohan Singh and shared a close rapport with them. This ensured that he got a free hand in the shaping of policies. It played a key role in all his pursuits. Krishnamurthy would later essay several roles which he would accomplish with distinction. He was appointed Chairman of the Indian Institute of Management in Bangalore and Ahmedabad and the Indian Institute of Technology, Delhi and the St. Xavier’s Institute of Management, Bhubaneshwar.
He also headed the Centre of Development, Hyderabad, Technology Information Forecasting and Assessment Centre and was Member of the Government’s Advisory Council from 2001-2008. He was also a Member of the Planning Commission and a Secretary to the Government of India in the Ministry of Industry. Krishnamurthy also served as Chairman of the National Manufacturing Competitiveness Council with a Cabinet rank up to 2014. A close associate of the late Rajiv Gandhi, Krishnamurthy was one of the founding trustees of the Rajiv Gandhi Foundation.
After his association with the PSUs, Krishnamurthy found his hands full with several assignments and was also chosen Chairman of the National Centre for Promotion of Employment for Disabled people and also headed the Bharathidasan Institute of Management and served as Vice Chancellor of the Bharathidasan University.
A number of awards and honours came the way of the competent technocrat. The Government of India bestowed the Padma Shri on him in 1973, the Padma Bhushan in 1986 and India’s second highest civilian honour, the Padma Vibhushan in 2007. All the three awards under the Civil Services category bore a testimony to his sterling contributions. The All India Management Association (AIMA) conferred on him a Lifetime Achievement Award for Management in the year 2005. Krishnamurthy’s memoir ‘At the helm’ was a bestseller and the highlight of the autobiography were handy hints to win people over and take them along which in a nutshell was also his philosophy in life.
Dr Krishnamurthy passed away on 26 June 2022 at 97. Even in his nineties, VK as he was known among his peers and friends, was keenly involved in issues relating to engineering, technology, management, production and development. Handsome tributes were paid to his memory by a host of leaders including former Prime Minister Dr. Manmohan Singh, during whose tenure in office, Krishnamurthy remained a close associate in shaping governmental policies. Krishnamurthy’s contributions to the growth and development of Indian industry should ensure for him a high ranking among the builders of modern India.