Subsequently, he became Union Finance Minister in 1950 and served with distinction till July 1956. During his tenure, he made significant contributions to the formulation and implementation of the country’s First and Second Five Year Plans. He was instrumental in the enactment of new Companies Act and nationalisation of the Imperial Bank of India and life insurance companies.
After resignation from Union Cabinet he worked as Chairman of UGC during 1956 to 1961 and Vice-Chancellor of University of Delhi from 1962 to 1967. In 1975, he was bestowed with the Padma Vibhushan award. He was also a co-recipient of the prestigious Ramon Magsaysay Award in 1959 for distinguished Government Service. 5. For this year’s Memorial Lecture in honour of Shri C.D.