Indian government cabinet gave approval to the new graphic symbol for the rupee on 15th July 2010. It is a well calculated move to project Indian currency as an icon of the growing importance of India in world’s economy. By giving its approval for new rupee symbol, India joined a very elite group of the USA, UK, Japan and European Union to have its own currency symbol. The new rupee symbol is a welcome addition to India’s influential role on the global stage. Considering the reputation of Indian financial markets, it was only fitting for Indian currency to have its own symbol.
India is one of the fastest growing economies along with China. The country has kept clocking over 7%-9% of growth rate every year and that’s no mean feat in a world which is still grappling with aftereffects of economic recession and re-emergence of downturn in certain parts of Europe. However, India remained an exception even during the worst two years of world economy in 2008-09. The growth rate didn’t slow down considerably and Indian remained a shining light in the gloom and doom scenario of recession. That reflects the strength of the Indian economy. Considering this, it was only recommended to have a unique Indian rupee symbol.
The symbol also helps in distinguishing the Indian rupee from the similarly-named currencies of Sri Lanka, Pakistan, Indonesia and Nepal. Worldwide, renowned economists have expressed their approval and delight at this new phenomenon. The new symbol will prove crucial in enhancing India’s growing financial clout. The rupee symbol reflects ever-increasing economic linkages between India and the world.
Till now, Indian rupee was abbreviated as Rs, Re or INR. But soon we will have Indian rupee symbol in keyboards and other places. New symbol is a reflection of Indian ethos and culture. The symbol would be used across a wide range of technical applications including mobile phones, computer software, banners and web world. This will be definitely registered as a historic step in Indian economy that only reinforces the important role played by Indian economy in the global market. New Indian rupee symbol definitely gives all the Indians a reason to feel proud of our country.