As one of the world's oldest currencies, the Indian rupee's new symbol deserved a more dignified debut
Sanjaya Baru / New Delhi Jul 19, 2010, 00:38 IST
The Indian rupee’s new symbol, an elegant, simple and brilliant combination of Sanskrit Ra and the English R without the stem, deserved a more dignified debut. A minister holding up an A4-size sheet of paper for cameras sitting at her desk? No fancy unveiling, no fireworks or music, no celebrations at all? How unfortunate. How inelegant. How crass.
The Indian rupee, which is the original rupee, dates back centuries. Historians believe the name derives from the Sanskrit Rupyakam and date the use of silver rupee coins to 6th century BC. The Indian rupee currency note of today carries the Sanskrit name Rupyakani. The minting of currency named “rupee”, or “ruppayyah” is believed to date back to the reign of Sher Shah Suri (1486-1545). This continuity perhaps enabled Pakistan to continue to call its currency post-Partition as the Pakistani rupee.
Going beyond the sub-continent, the Indian rupee acquired the two most important characteristics of money — as a unit of exchange and a store of value — in a wide range of countries along the coast of East Africa, the Arab Gulf (presently the member countries of the Gulf Cooperation Council), the Indian Ocean island nations, the whole of the Indian sub-continent, and well into South-East Asia.
When a currency with such grand and proud history finds a renewal of life, as India becomes a trillion-dollar economy with rising shares of world trade and capital flows, the assignation of a new symbol is a momentous event that generations to come will remember. Could someone in government or the Reserve Bank of India not have thought of a better way of unveiling the new rupee sign to the world?
In a country that enjoys ceremony, pomp and circumstance, where symbols and symbolism matter, someone should have thought of a grand unveiling — perhaps near India Gate lawns — with the President of India declaring open a nicely designed large replica to television cameras.
Would it all have been making much of a muchness? Certainly not. Nothing is at once so personal and so public in the social life of a person than the unit of currency one deals with. Next to language, it is our most important link with the world around us.
Which is often why politicians confuse the value of a currency with national pride. During RBI Governor Bimal Jalan’s term in office, he had sleepless nights dealing with a situation, after the Pokhran-II “Shakti” nuclear tests, when Sushma Swaraj declared that now that India was stronger, the rupee would become stronger too!
An appreciating rupee was not what RBI wanted at the time. China has demonstrated the uses of under-valued currency for a nation seeking power. A depreciating rupee is not necessarily a sign of a weakening economy. Rather, it could be the means of strengthening an economy’s competitive position.
At any rate, patriotism can take a holiday if it pinches one’s pocket. In 1998, Ms Swaraj had forgotten the lesson of 1991. The first to take their money out of India at the time of the 1990-91 balance of payments crisis were, in fact, non-resident Indians, or such Indians who had put their money into NRI accounts. As the rupee weakened, the flight of capital, triggered by panic among Indians, speeded up the outflow.
But India has come a long way from that time. While any currency, including the US dollar, can be threatened by a loss of confidence, the fact is that there is greater confidence in the Indian rupee today than at any time in recent history.
Time was when the only places outside India where the rupee would be accepted were Nepal, Maldives, London’s Southall and Mustafa’s in Singapore! From those glorious days of the “Empire” when the Indian rupee had takers all around the Indian Ocean littoral, the rupee saw its days of ignominy too. As India’s economy becomes bigger and more competitive, its currency too has acquired a new spring in its feet. The new symbol for the rupee is a symbol of this new confidence.
And so, how appropriate that the new design, combining the ancient and the modern in contemporary India — Sanskrit and English, the curve and the slash — should come from a bright young teacher, Udaya Kumar of Tamil Nadu? I would not have celebrated the new design as much if it had come from some fancy designer in Paris, London or Rome. It is the earthiness and the Indian-ness of the designer that lend special meaning to the symbol.
I am not surprised that the UK Guardian quotes some fancy London designer awarding Udaya Kumar a “B or a B plus” for what he calls an “unimaginative” design. I am personally delighted RBI did not chase such fancy western designers and opted for Udaya Kumar’s culturally rooted design.
In celebrating the rupee’s new symbol, we must also celebrate Indian design. It is a pity that Indian design is not getting its due in a rapidly growing India. Consider the importance that China and Japan have long attach to design. Even a small city-state like Singapore has two world-class design institutions, while students of design in India have to compete for a few dozen seats, after reservations are accounted for, at Ahmedabad’s National Institute of Design, and a couple of private institutions.
Indeed, given this neglect of design as a discipline, despite India’s rich cultural heritage, it is truly amazing that indigenous talent like that of Mr Kumar is still able to find expression and secure reward. Mr Kumar is not a product of any fancy European design institute and yet he has come forward with an idea that will go down in history and make itself felt around the world.
New Rupee Symbol Design Competition and It's Devastating Effect On Homegrown Design Talent
http://www.saveindianrupeesymbol.org/2010/08/new-rupee-symbol-design-competition-and.html
RTI Activist exposed : Mismanagement and violation of guidelines in "Indian Rupee Symbol" design competition.http://www.saveindianrupeesymbol.org
1-Why Government is SILENT in this matter.
2- All indian Electronic media is Silent give to Pressure of Central Government.
3-Which is unlawful to the people of country.
4-Media for the first time in the history of India has gone into a mysterious silence over the fraud played by the organizers of symbol for rupee competition .In the past the same media specially electronic media has entered the bedrooms of the people to expose them and bring in front of the world and played the news 24 Hour and this time when the things are crystal clear before them they have gone into the shell.
"Jai Hind"
People of India are not helpless they know what is of national importance and how to give respect and value.
On the day of unveiling of Indian Rupee a new profile of Indian Rupee was opened on facebook (http://www.facebook.com/bhartiya.rupiya). People across the globe has welcome it with a great pleasure. A big profile of Indian Rupee is available on that page. A grand welcome, by people of India, like this is appreciable.
I like the article and the fact that it puts light on the history of symbol which is of immense importance and that could have been easily lost in the chase of fancy symbol.
Uday kumar has reinvigorated rupee after going through the roots of it. While embracing the western design it is important that Indian-ness be preserved as it holds much greater value.
Agreed that the chosen symbol deserved a much bigger launchpad. However, my personal opinion is that the symbol itself could be a more elegant and futuristic design. We dont create fresh symbols every now and then, this design is not really getting us kicked when one sees it. That element of thrill and immense pride is somewhat diluted, and the design could have been much better; reflective of the super power that India can and will be in the coming decades. Well, but some change has happened and it is more than welcome.
Content Guide
Going beyond the sub-continent, the Indian rupee acquired the two most important characteristics of money — as a unit of exchange and a store of value — in a wide range of countries along the coast of East Africa, the Arab Gulf (presently the member countries of the Gulf Cooperation Council), the Indian Ocean island nations, the whole of the Indian sub-continent, and well into South-East Asia.
