Symbolising the Indian Rupee…..

A few days back, the Union Cabinet approved the unique symbol for the Indian Rupee. It is learnt that hundreds of potential symbols were sifted through before finalising on this particular symbol, which is a combination of the letters denoting the “R” sound in two scripts – English and Devanagari. With this symbol, Indian Rupee becomes only the fifth currency in the world to have a symbol, along with US dollar, British pound, Japanese yen and the European euro. This will separate the Indian Rupee from the similarly named currencies of its south and south-east Asian neighbours.

This is a very special moment for every Indian. It reflects the fact that the Indian currency, backed by a trillion dollar economy is slowly making its presence felt in the international scene. Its G20 membership, foreign investment flows, high GDP growth rate (2nd only behind China), expanding international trade in terms of export and mergers & acquisitions further underline the fact that India is gradually creating a global economic clout for itself through the weight of its economy.

It is a fact that as of now, the Indian rupee is nowhere near as convertible as the “Big Four” currencies that it has joined in this elite club of currency symbols. The Indian Rupee is also not treated as a reserve currency as has been pointed out by many authors. It is also true that India is still plagued by a huge rural-urban divide, high unemployment rates, farmer suicides, chronic hunger and lack of basic healthcare, sanitation and education for millions. Having said that, the new symbol for the Indian Rupee is not a peep into the past or a glare into the present, but a vision into the future. It is a true reflection of the progressive Indian economy.

A special word of appreciation also needs to be mentioned for D Udaya Kumar, an IIT Bombay PhD scholar, who has designed this symbol. He must have spent sleepless nights in designing it and has eventually come up with this special image that is fully Indian in spirit. This unique symbol would create a brand for India that would help shape our future which in indeed very promising, especially if the men who count can follow up our promises with appropriate actions.Hoping for the best !!