The word “Rupee” that has been defining the currency of India for years is now on a verge of a makeover. The Indian Cabinet has approved a symbol that resembles a Hindi word ‘RA’ blended with a roman character ‘R’ as the new identity to the Indian currency. With this symbol, we move in line with the International currencies like Dollar ($), Euro (€), Pound (£) and Japanese Yen (¥) for which their symbol has become their identity. Will the new Rupee symbol, designed by Bombay IIT post-graduate D Udaya Kumar, appeal to the markets and become the face of India Rupee going forward is the question to be asked?
If this is just a re-branding strategy for the country then the re-branding has to reflect what the underlying brand is a growing economy, a confident economy or developed one. India with this currency will have to show their promise of superiority, performance and excellence. If the country is trying to follow the economies having their unique symbols it will also have to build the brand name they have created for their country.
It might be considered that on one side this symbol will give a distinctive and unique identity to the currency from the Rupee or the Rupiah of the countries like Sri Lanka and Pakistan and on other hand it will show the strong bonding of the country towards the language as well as its amalgamation with roman English. It shows a global combination of modernity and tradition. This will provide the country with a global face and highlight its strengths. If the symbol needs to be explained, it could be read as ‘Ra’ to be the currency and the two lines in the symbol shows a balance of economy within the country and with other countries
This makeover will help India join the group of countries and make it the 5th country which has a unique and distinctive currency symbol which will denote the robustness of the Indian economy. The IIT graduate considers the currency to be containing the integrity of the country as it explains it to have based on the Tricolour with two lines at the top and white space in between representing the Indian flag with the Ashoka Chakra.
Though the symbol will not be used on the currency notes or coins for some time it will form a part in the ‘Unicode Standard’ and major scripts of the world .This will make sure that it gets its recognition worldwide. This leads to another thought-does the cultural or traditional display in the currency sufficient when we are talking about launching it to the world. The symbol needs to be a strong display of currency stability and should carry a business point too as getting it on the international face might become a complicated task. As was the case with Euro which shows a combination of the Greek epsilon, as a sign of the weight of European civilization, an E for Europe, and the parallel lines crossing through stand for the stability of the euro. Rupee will also have to show a clear definition if it wishes to become a part and parcel of India’s testimony by the world.
The jury has given its verdict: the rupee will retain its Indian character with an international flavour. The five-member panel has chosen IIT post-graduate D Udaya Kumar’s design from among five shortlisted symbols and recommended it for Cabinet approval.
Kumar’s symbol is an amalgam of the Devanagari ‘Ra’ and the Roman capital ‘R’ without the stem, very much in line with what Finance Minister Pranab Mukherjee had envisioned.The chosen symbol has the Finance Minister’s approval, said a Ministry official.
The above five designs had been shortlisted by the government from around 25,000 applications following an all-India contest. The cabinet will announce its final decision today. Currently we represent Indian Rupee as “Rs.” or with its ISO Code “INR”.
After the final decision, we hope, the keyboard manufacturers, Mobile Manufacturers and Software developers will implement the “New Rupee” symbol as soon as possible.
The winner will get an amount of Rs 2,50,000
After it’s chic new makeover, the Indian Rupee is all set to join the likes of the Big Boys League – international currencies like the Dollar ($), the Euro (€), the Pound (£) and the Japanese Yen (¥), for which their symbol ascertains their identity. This makeover will make India the 5th country with its very own symbol, intended to denote the robustness of the Indian economy. Approved by the Indian Cabinet, the new symbol is an amalgamation of the Devnagri alphabet ‘RA’ with the Roman character ‘R’. Designed by Bombay IIT post-graduate D Udaya Kumar, the new Rupee symbol has to prove its appeal to the markets and become the face of the advancing Indian Rupee.
If this is just a rebranding strategy for the country then the rebranding has to reflect and be in sync with the underlying brand – a growing, confident economy. India with this currency will have to show promise of its superiority, performance and excellence. Just blindly aping foreign economies in having their own unique symbols is not enough. India will also have to push through harder to build the brand name they have striven to create for their country.
Some obvious positives that emerge as an immediate effect of this symbolizing is the unique and distinctive identity of the Indian Rupee that will emerge from that of its sister currencies from countries like Sri Lanka and Pakistan. The symbol also has a cultural connection, displaying the strong bond of the country towards the Devnagiri script (which is prevalent in a large number of Indian regional languages) as well as its Western counterpart, the Roman English alphabet. It represents a global combination of modernity and tradition. Of East meets West cultural reminiscence. The new Rupee will stand strong to have a global face. If the symbol needs to be explained, it could simply be read as ‘Ra’ being the currency and the two lines in the symbol showing a balance of the economy both intrinsically (within the country) and extrinsically (with other countries).
Its designer, the IITian, Mr. D Udaya Kumar, considers the currency to be containing the integrity of the country as it explains it to have been based on the Tricolour with two lines at the top and white space in between representing the Indian flag with the Ashoka Chakra.
Though it will be a while before the symbol will be used on the currency notes or coins, it will participate in the ‘Unicode Standard’ and major scripts of the world with much immediacy. This will ensure its worldwide recognition. But besides being purely representative of its cultural or traditional dominion, the symbol has to prove itself on the financial stability front and being business savvy as getting it on the international frontier might become a tedious task. As is the case with the Euro, which is a combination of the Greek epsilon, as a sign of the weight of the European civilization, an E for Europe, and the parallel lines crossing through stand for the stability of the Euro. Rupee will also have to resurface with a clear definition if it wishes to become a part and parcel of India’s testimony to the world.