New currency symbol:more than money for India

No longer will international vendors and consumers alike need to distinguish Indian Currency with “INR.” or “Rs”. India’s Finance Ministry has reached a verdict on their national search for a currency symbol. The new symbol, which was submitted by D Udaya Kumar of the Indian Institute of Technology Bombay,  resembles a capital “R” with two  horizontal strikes through the upper-half.

The Finance Ministry decided to put the decision into the hands of the common Indian with a nationwide contest that lasted almost a year. Over 4,000 entries were cut down to a short-list of 5, before the final selection was made.  According the designer, the two parallel lines capping the symbol represent the internal balance and equality of India’s economy as well as the economy’s standing among other countries of the world.

Kumar’s creation means more than a new design to grace everything from keyboards to vending machines. It represents the aspiration of India to be treated on par with the US, Europe and Japan (symbols such  $, €, and ¥ are globally recognized).

Surjit Bhalla, managing director of Oxus Research and Investments, told the Christian Science Monitor, “…In 1990 if India said we’ll have a rupee symbol, people would have laughed at it. Today, people are asking how important it is.”

Some people are . Other may laugh now. But they won’t be laughing ten years from now :).

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

1 comment

1 Abhinash { 08.03.10 at 6:03 PM }

With the globalization of the Indian economy this could not have come at a better time. The symbol of the rupee would provide a distinct individuality to the currency and highlight the strength of the Indian economy and probably bring in more foreign investments.
I have found this blog a good source for staying updated on India-U.S. business ties.

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