[4] Venkataraman was born in a Tamil Brahmin family[5][6] in Rajamadam village near Pattukottai, Tanjore district in Madras Presidency, British India.

[8] While practising law, Venkataraman was drawn into the movement for India's freedom from Britain's colonial subjugation.

During his term of legislative activity, Venkataraman attended the 1952 Session of the Metal Trades Committee of International Labour Organisation as a workers' delegate.

[12] Venkataraman was sworn in as Minister for Industries on 26 April 1957 and was allotted several ministries including those of Labour and Co-operation, Commercial Taxes and Nationalised Transport, Textiles, Mines and Minerals and Companies and was elected to the Madras Legislative Council in the biennial elections conducted in March 1958.

Venkataraman himself was sworn-in as Minister in the Bhaktavatsalam Ministry only on 23 October 1963, as he was in New York to attend the session of the United Nations Administrative Tribunal.

[25] Venkataraman was appointed a member of the Planning Commission in July, 1967 by Prime Minister Indira Gandhi and held charge of industry, labour, power, transport, communications and railways.

[29] In 1977, Venkataraman was elected to the Lok Sabha from Madras (South) Constituency and served as an Opposition Member of Parliament and Chairman of the Public Accounts Committee.

[31][32] Venkataraman was re-elected to the Lok Sabha from the Madras South constituency in the 1980 general election with an improved majority of over 120,000 votes.

[39] In the same year, he introduced a bill for the establishment of the National Bank for Agriculture and Rural Development which was passed by Parliament.

[41][42] In his interventions, Venkataraman sought to dissociate the Prime Minister from the activities of Antulay and he rejected the opposition’s demand for a probe arguing that no improprieties had been committed by the trust to warrant an inquiry.

[48][49] During Venkataraman’s tenure in the ministry, the Government of India signed deals to purchase Sea King helicopters and Sea Eagle missiles from the United Kingdom and Mirage fighter aircraft and Type 209 submarines from other western nations thus seeking to undo the near monopoly that the Soviet Union had on weapons systems in the Indian armed forces.

The offer was finalized during the visit to India of the Soviet Defence Minister, Dmitry Ustinov in March 1984.

[55][56] Venkataraman’s term also witnessed India attempt to conduct a nuclear test in 1983 and the seizing of the Siachen Glacier by the Indian Army in 1984.

A letter contradicting the Prime Minister’s statement, allegedly written by President Singh, was leaked to the media which led to a political furore.

Venkataraman saved Rajiv Gandhi’s government much embarrassment when he declined to allow a discussion in the house on this letter and on the president's right to be kept informed under Article 78 of the Constitution.

Despite angry protests and walkouts by opposition parties, Venkataraman refused to budge stating that confidentiality of communications between the president and the prime minister was required to be maintained in the interest of the nation.

[63][64][65] As President Singh’s term neared its end it was widely speculated that he intended to dismiss Gandhi as prime minister and appoint a caretaker government.

[66][67][68] In the run up to the presidential election of 1987, the Congress party’s initial choices for president were B. Shankaranand, Pupul Jayakar and P.V.

[77] Coming after a series of electoral defeats, controversies over defence deals and the uneasy relationship between Prime Minister Gandhi and President Zail Singh, the election result was perceived as a boost to the Congress Party.

He was awarded the Tamra Patra for participation in the freedom struggle, the Soviet Land Prize for his travelogue on K. Kamaraj's visit to the Socialist countries.

[82][7] On 12 January 2009, Venkataraman was admitted to the Army Hospital (then Research and Referral) in New Delhi with complaints of Urosepsis (sepsis caused by a urinary tract infection).

[83] His condition grew critical on 20 January, when he was detected with low blood pressure and E. coli tract infection.