New rupee symbol reflects strength of economy
(With reference to its impact on Indian and world economy)


By

Vijay Prakash Gupta
Lecturer
CMD, Modinagar
 


Abstracts:-

Early five centuries after Emperor Sher Shah Suri first issued the rupiya, and half a century after modern India adopted most of its national symbols and motifs, the country has a new symbol to represent its currency with a unique symbol .

India's economy is the eleventh largest economy in the entire world by nominal GDP and the fourth largest by purchasing power parity (PPP).Following tough economic reforms from the socialist inspired economy of a post-independence Indian nation, the country began to develop a fast-paced economic growth, as markets opened for international competition and investment, in the 1990s. In the 21st century, India is an up-and-coming economic power with immense human and natural resources, and a gigantic knowledge base. Economists forecast that by 2020, India will be amongst the most imperative economies of the world.

Introduction

Very soon will see that  Indian rupee will have a unique symbol a mix of the Devanagri 'Ra' and Roman 'R' - joining designated currencies comparable to the US dollar ($), euro (e), British pound () and Japanese yen  () in having a unique identity. 

D Udaya Kumar (Bombay IIT post-graduate) designed the new symbol, approved by the cabinet sparking that the Indian currency, backed by an over-trillion dollar economy, was finally making its existence felt on the international panorama. 

Although the symbol will not be in black and white or printed on currency notes or coins, it would be built-in in the 'Unicode Standard' and major scripts of the world to make sure that it is simply displayed and printed in the electronic and print media.

Along with currencies with unique identities, only the pound sterling has its symbol printed on the notes.

Over all it denotes the strength of Indian economy.

Impacts on Indian & Foreign Economy.

This new symbol is also considered as a step towards internationalisation of Indian rupee.

For the Indian rupee, which has grown in stature since economic and financial sector reforms started in 1991, the new symbol comes at a time when it is in robust health. While many major currencies, particularly the euro, have been battered by the storm in financial markets, the rupee, controlled by the Reserve Bank of India, has remained steady. From an exchange rate of 17.5 against the US dollar in 1990, when the country faced a severe balance of payment crisis, the rupee is today at 46.21 against the dollar. India's foreign exchange reserves are now at $279 billion, a stark contrast to March 1990, when the $3.96 billion of reserves were sufficient only for three weeks worth of imports. 

It has been twisted to recognise the growing economic linkages between India and the world and to more emphasize the power and strength of the Indian economy as a privileged goal for global investments.

The Indian rupee is trying to connect itself with the top four or five currencies and thus exemplify its supremacy in world economics. The brand bent has to be sold properly, both to Indians and the world. The rebranding is a sign of the bigger aspiration of India.

1. It could increase foreign investment in India.

2. It denotes the strength of Indian economy.

3. It may be new tax would be imposed on branches or subsidiaries or both of Indian and other foreign banks in the UK.

4. Provoked by the growing influence of the Indian economy in the global arena, reflecting the Indian ethos and culture.

5. The symbol should be applicable to standard keyboard in whole world.

6. It is unfortunate that India is always represented with Hindi everywhere. It will please to position India as a multilingual country and give due credit to other Indian languages also by help of Indian rupee symbol Ra.

Bibliography

http://en.wikipedia.org/wiki/Economy of India
http://www.wikinvest.com/wikinvest/
www.economist.com
 


Vijay Prakash Gupta
Lecturer
CMD, Modinagar
 

Source: E-mail July 20, 2010

          

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