T. T. Krishnamachari represented the Madras Province in the Constitutional Assembly. He started his political career with his election to the Madras Legislative Assembly as an independent member, and later joined the Congress. He was the first Minister for Commerce and Industry and then Finance Minister in the years 1956 and 1964 as well as served as in charge of the Steel Ministry for some time.
Krishnamachari was responsible for setting up numerous financial institutions like IDBI, UTI and ICICI. He was also a founding member of the first Governing Body of NCAER, the National Council of Applied Economic Research in New Delhi, India’s first independent economic policy institute established in 1956. He expanded pension schemes to help provide cover for the family members of deceased government servants and introduced this concept as the 'Family Pension Scheme' in 1964.