For something that's really just a bit of a squiggle - a combination of the letters denoting the R sound in two scripts, Devanagari and English - the new symbol for the Indian rupee carries a lot of weight. As it stands now, only four currencies have symbols that are synonymous with them internationally - the US dollar, British pound, Japanese yen and European euro. They 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 it's swiftly getting there. At over a trillion dollars, it is a powerhouse not just in Asia but internationally. Its performance during the global recession has only enhanced its standing. Factor in its G20 membership and expanding international trade, service and investment flows, and its cachet has never been as high. What better time to exploit this and play up India's global face and the weight of its economy by coining this symbol?
The object of the entire exercise is to leverage the prestige and the symbolism that having a monetary symbol denotes. It will also be useful shorthand for distinguishing the Indian rupee from the similarly named currencies of its South and East Asian neighbours. India's political leadership is often criticised for lacking ambition for the country. Launching the rupee symbol, however, sends a clear signal about the direction in which it wants to take India and the role India sees for itself in the global economy and world affairs. When so much in Indian politics is insular, this needs to be welcomed. Symbols are important too. The rupee symbol establishes a brand for India which can help shape reality, especially when leveraged well with appropriate actions.
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 it's swiftly getting there. At over a trillion dollars, it is a powerhouse not just in Asia but internationally. Its performance during the global recession has only enhanced its standing. Factor in its G20 membership and expanding international trade, service and investment flows, and its cachet has never been as high. What better time to exploit this and play up India's global face and the weight of its economy by coining this symbol?
The object of the entire exercise is to leverage the prestige and the symbolism that having a monetary symbol denotes. It will also be useful shorthand for distinguishing the Indian rupee from the similarly named currencies of its South and East Asian neighbours. India's political leadership is often criticised for lacking ambition for the country. Launching the rupee symbol, however, sends a clear signal about the direction in which it wants to take India and the role India sees for itself in the global economy and world affairs. When so much in Indian politics is insular, this needs to be welcomed. Symbols are important too. The rupee symbol establishes a brand for India which can help shape reality, especially when leveraged well with appropriate actions.
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