 Deshmukh's tenure – during which he delivered six budgets and an interim budget – is noted for the effective management of the Indian economy and its steady growth which saw the economy recover from the impacts of the events of the 1940s.During Deshmukh's tenure the State Bank of India was formed in 1955 through the nationalisation and amalgamation of the Imperial Bank with several smaller banks.The nationalisation of insurance companies and the formation of the Life Insurance Corporation of India was accomplished by him through the Life Insurance Corporation of India Act, 1956.