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International Issues/ Economy/ Foreign Affairs

Indian rupee gets a symbol as its economy booms!

India unveiled yesterday, a symbol for its rupee currency that it hopes will become as globally recognised as signs for the US dollar $, the yen, the pound and the euro.

Particularly, I am glad the symbol has been accepted, after 17 months since the ‘contest’ for the designing the symbol was launched. And, it is also pleasing to know that a tamilian IIT post graduate in industrial designing, D.Udayakumar, has won the competition! What matters to me is now …will the currency be accepted globally for exchange and transaction?

Full convertibility of rupee has been a concern for the Indian Government for a long time. And, this move makes the Indian rupee, the fifth in the world to have its own unique symbol, more visible and a currency with more value in terms of transaction and will bring recognition of India as a brand. It will also help the $1.3 trillion Indian economy create a monetary brand for itself in the global money market.

With the adoption of the monetary symbol, Indian currency, which until now has to share the rupee name along with currencies of several other neighbouring countries – will also move a step closer to full convertibility ……in the meantime, the efforts of the government should be popularise the symbol as early as possible in the world. Today, only US $ is on the computer keyboards sold in India and they should be replaced or added with the new Indian rupee symbol…and on the price tags in the malls, shops and wherever transaction takes place. We started successfully changing the names of major cities (eg., Mumbai, Chennai, Kolkata, Bengaluru etc) to establish Indian identity after nearly 200 years of British colonial rule.

So, it should not be difficult to popularise the Indian rupee symbol too? right?

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About Raman Ramamurthy

I am a Management consultant, an avid reader, play Lawn tennis in my leisure time and love Music. Presently, I am settled in India along with my wife and my son.

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