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New Rupee Symbol

New Rupee Symbol: My Views

Finally on July 15th the new symbol of Rupee is introduced. I guess it is the right time to introduce it in the market, as in recent 4-5 years we have proven the world that the largest democracy of world have to guts to be the super power, be it signing of a nuclear deal with US or showing a comparatively better growth in recent financial turmoil; Indian Economy have proven the world. Indian imports and exports have also shown a rapid growth in last couple of years.
After launch of new Rupee symbol, we have the fifth currency in the world which acquired an international symbol. Well, I think it’s worth writing about the need of new Rupee symbol.
I agreed on the raised issues such as the new symbol will give a new identity to Indian currency worldwide. It will increase the confidence of Indian Economy in world. Some says it may have benefits like capital account convertibility will be easy, which will enable easy trade.
But is it really true that just a mere new symbol will change the face of the Economy?? I doubt it.

Let’s talk about the Marketing aspects of it:

I guess in such a large democracy it was very hard to decide upon any particular symbol as small mistake in such sensitive issues makes a real big problem. But I am happy to see that Symbol was accepted with a great enthusiasm in our country.
In very short duration the symbol become so popular that many companies have already started using it. Social networking sites and mails were the primary source to spread the symbol. Few other medium of marketing were ‘Adverts’. I saw some new Hoardings and OOH of companies like Amul Butter and Cement Company (forgot the name) with the new rupee symbol in their advertising campaign. Since the new symbol was a topic of buzz companies used its popularity for short term gain. It’s amazing to see that in a week of launch the new symbol was able to find a space in keyboards worldwide. It can be downloaded from given link
I guess to strengthen the new symbols branding, RBI need to introduce the new currency notes and coins with the new symbol. Similarly things like Postal tickets, Cheque, price tags, revenue Stamps etc with the new Rupee Symbol will help a lot for the same.

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