Rao was born in a Kannada speaking
Madhwa Brahmin family on 8 July 1908 at
Kancheepuram in
Tamil Nadu to Kasturirangachar and Bharati Amma. He had his early schooling in Tindivanam and Madras (Chennai). He obtained a B.A and M.A. in economics from Bombay University (now Mumbai University) before earning another B.A. from Cambridge, where he was a member of
Gonville and Caius College. He was awarded the Ph.D. of Cambridge in 1937; the title of his doctoral thesis was "The National Income of British India, 1931-1932". He studied with
John Maynard Keynes. ==Career==