Deshmukh was born on May 26, 1945 in Babhalgaon in the Latur district. He graduated with a degree in Science (B.Sc.) and Arts (B.A.) from M.E.S Abasaheb Garware College, (Pune University) and went on to study law (L.L.B.) from the ILS Law College (Pune University). He started social activities in his early youth with particular interest in drought relief work. He was elected as the Director of the Osmanabad district Central Cooperative Bank and also of the Maharashtra State Cooperative Bank in 1979.