New Rupee

A new identity to our currency rupee, which is dervied from the very ancient Devanagiri “Ra” to the new Roman “R”

With the new change in the symbol of Rupee, it has undoubtedly joined the elite club of currencies along with the US dollar, British pound sterling European ‘Euro’ and the Japanese yen.

But will it have a shift in the economy of the country........ mabybe only time will tell !!

Let’s have a quick look at some merits to this change, in case of the demerits; I guess it’s too early to comment.

Merits of the new rupee symbol

1) The account convertibility will be easier
The new symbol will enable easy trade since the full capital account convertibility will be revived again making the process easier.

2) More capital flow
By the change in the convertibility process more capital is expected to flow into the Indian market.

3) A hopeful change
The three factors of economy- the impossibility of having an open capital account, a fixed exchange rate and independent monetary policy- will be easier to be tackled through the inclusion of rupee in the club of currencies. This will have a good impact on the prospects of growth, price stability and financial stability of the Indian economy.

However, it proves that India is certainly fighting hard to promote its economy in all possible ways. There will surely be many benefits that can boost the nation to greater heights with this change.

But one question still remains unanswered will the new rupee symbol free India from their pre-existing condition of illiteracy and poverty...... I want to be certain, but can only be hopeful !!!

Love, N.