INDIAN RUPEE HAS A NEW AVATAR

So our very own Indian rupee has a new avatar. Like the US dollar, pound, euro and the yen, the Indian rupee joins the elite group of countries which will now have its own unique symbol. It will now be recognized as the Hindi alphabet R with two lines running across it, setting us rightly apart from the Pakistan, Nepaland Sri Lanka rupee. Now this is something which China has not done and India has done!



And once again the elite engineering college of India has proved that it has some of the best brains in the country. The approved design, which will, hopefully, become a part of Indian history, immortalizes IIT post-graduate Udaya Kumar, whose design was finally chosen from the 5 shortlisted ones. Apart from a permanent name in history, he also gets a reward of Rs.2.5 lakhs.



Information and broadcasting minister Ambika Soni said, “It is just a symbol". Is that what all this hullabaloo was all about, just being a symbol?



There are some who feel that giving this unique identification to the Indian rupee reiterates India’s footprints on the path of economic liberalization. The symbol is expected to get international recognition on the lines of other world currencies. Infact many are so optimistic that they feel the new symbol gives India a fair chance to establish itself as a currency of choice for the international community and enhance the image of the country.



Now that is being far fetched under any yardstick. A country’s currency can become the preferred choice in the international community only if economically it offers a scope for growth and makes trading in the currency a viable option. Why is the US dollar the preferred currency despite all the upheavals, which actually emerged from its very own Wall Street? It had nothing to do with the symbol, it was more about what the country offered – economically.



Yes, having a symbol enhances the image of the country. It gives more joy to know that keyboards on computers will now carry the rupee symbol, maybe in another six months. That is a huge image booster. And yes, also the fact that perceived strength of India, as a brand will go up but will add no value to the actual strength of the rupee.



The symbol is another roar, proclaiming India’s arrival on the international economic arena. Whether the symbol manages to give strength to the rupee or not, well, that a mere rebranding cannot do!