He was 84. He is survived by his wife, party sources said.
Venkataraman, a distinguished painter-artist, joined CPI at the age of 22 and was one of the key trade union leaders of the city. He was instrumental in organising workers at some of the major factories here and led them for a long period.
He also served as the State General Secretary of the All India Trade Union Congress.
Considered an authority on Marxism, Venkataraman attended the International Marxist Study School at Moscow in 1970 and won a gold medal in a debate held there.