The search for a new Indian rupee symbol had started in February 2009. The union finance ministry announced a nationwide contest for the design of the symbol. After more than one year, finally new rupee symbol was unveiled by the jury panel headed by Deputy Governor of the Reserve Bank of India. The acceptance of a new symbol of Indian rupee is definitely a historical landmark in the history of Indian economy. It will help Indian currency in re branding itself and to prove its stability in the fluctuating market of global currencies. India has earned accolades of entire world when it emerged as one of rare countries that successfully managed to handle global recession. Despite the gloomy scenario, India maintained a positive economic growth throughout the recession and that was no mean achievement.
A country’s strength and stability is truly reflected in the value and exchange rate of its currency. Re-branding rupee will enhance the reputation of the country’s overall economy, not just the currency. India is a trillion dollar economy and strength of Indian rupee perfectly represents this fact. Last two decades has witnessed India’s emergence as a one of the top economies in the world in terms of purchasing power parity and growth rate. This generates high possibility for the Indian currency to establish itself as a currency of choice for the international community. The new Indian rupee symbol is more like an important branding opportunity for the wider Indian economy. To begin with,, the new symbol will enhance the image of the Indian currency among the global investors.
Many experts view new rupee symbol as a brand ambassador for the Indian economy. Though, it is just the beginning and it will take time to truly analyze the impact of re-branding strategy of Indian currency in global arena but possibilities are surely tempting. This also showcases India’s high ambitions. The symbol cleverly indicates the stability of the currency. The re-branding strategy is also an attempt to make the world realize the Indian rupee has the wherewithal to survive through a meltdown. The new rupee symbol presents India as a growing economy that has full confidence on its resources and tenacity. The process of promoting the new brand is already underway. Many grand events are being planned to unveil and promote the brand using multimedia resources. Finally, re-branding rupee will play a crucial role in driving the India Vision 2020.