New Symbol of India’s Rupee

I woke up in the morning on July  16,  2010 and saw in the news papers this new symbol of Indian Rupee. It attracted me instantly. It was classy in look and very artistic. I must  admit that I loved it immensely. My country enters the elite club now. Only  USA,  UK,  JAPAN and EUROPE  have symbols for their currencies. Now India also joins the club. D. Udaykumar, a student of IIT, Mumbai, designed the new symbol. He basically hails from Tamilnadu and at present works as professor in  Guwahati, Assam. When Reserve Bank of India decided to have a symbol of Rupee, they called for designs and got 3000 proposals. Out of those 3000 symbols, RBI selected 5 symbols. Finally government chose Mr. D. Udaykumar’s symbol. Information & Broadcasting Minister Ambika Soni announced the decision  and thus Indian Rupee got a symbol and now it is distinct from other nation’s Rupee. Pakistan, Banga Desh, Nepal, Sri Lanka and Indonesia also use their own Rupee but now Indian Rupee has its own identity and a unique and distinct  symbol. This symbol will be in use within 6 months in India and within 2 years in the world.

I was happy at the turn of the events but as has become the fashion, a debate was started by the intellectuals of the country. A view published in Times of India says that , ” after US dollar, British pound, Japanese yen and European euro, it is prestigious to have a symbol for Indian Rupee. Symbols connote strong economies and global currencies. That should make the power of symbolism clear, and the benefits of India joining this exclusive club.  Admittedly , the Indian economy, despite its heavyweight status on the basis of sheer size, is not yet as globally relevant as some of the others. But its swiftly getting there. At over a Trillion dollars, it is a powerhouse not just in Asia but internationally……… What better time to exploit this  and play up India’s global face and the weight of its economy by coining this symbol.”

But there was a counter view in the same paper. Mr. Rudroneel Ghosh opined that, “The basic reason why a currency would have its own unique symbol is so that it can be easily distinguished in global financial transactions. That is why only the US dollar, the Japanese yen, the British pound  and the euro are identified with specific symbols. These are the most freely convertible currencies in the world. The majority of international financial transactions take place through them. On the other hand, the Indian rupee is nowhere as convertible…………. the Indian currency simply doesn’t have the same heft as the big four. ………. In this background, advertising our economic might to the world is not only ironical but also downright hypocritical.”

These two divergent views are contrary to each other and they are in some way right and in some way wrong. But I am not going to be drawn in the arguments. I am happy for the robust economy of my nation,.I am happy for the recognition my country is getting at the international forums. And I am happy for the new symbol of my currency. It is an important thing and it makes me immensely proud of my country.

Let the sceptics say what ever they wish.

vidur

Mumbai

http://www.vidur.co.in