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Can the New Symbol of Rupee Save India from Poverty?

December 12, 2011  by: Paulose  Points: 20   Category: Others    Views: 777

Indian rupee has been included in the select club of currencies along with the US dollar, British pound sterling and the yen of Japan. But will this help to eradiate the acute poverty of India?

         

India is an ancient country. Ancient historical world was dependent on India for the spice wealth. East and west maintained trade relationships with India for its richness. Nations eyed on India for developing their trade.

Poverty of India

Colonization began with the attempts of discovering the sea route to India. Portugal, Spain, Holland, France and England vied one another to occupy territories in India and these competitions led even to the World Wars. Colonization has made India a land of poverty, struggling hard today to provide balanced diet for over 1.2 billion persons of the country. Oxford University has recently stated that the poverty in most of the Indian states is worse than some of the poorest countries of sub-Saharan Africa. More than half of the population of India lives in poverty, eating just one meal a day. Their per capita income is too low to the international standards.

The new avatar of rupee

In this situation the Indian currency 'rupee' has taken a new avatar evoking national spirit and international attention with a new symbol. The new identity is a blend of the Devanagari letter "Ra" and the Roman letter "R" This new symbol will make the Indian rupee join the elite club of currencies along with the US dollar, British pound sterling European 'Euro' an the Japanese yen.

Can the new avatar of Indian rupee decrease the poverty of India?

India is reeling under utter poverty in spite of so many attempts to eradicate poverty. By joining the elite club of currencies, India hopes to improve its economy. Being the largest democratic country in the world, this step to introduce the new symbol has given new hope that it will have a positive effect in the international markets and the internationalization of the Indian rupee will boost the Indian economy.

Benefits of the new rupee symbol

India is fighting hard to promote its economy in all possible ways. There will surely be many benefits that can boost the nation to greater heights.

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. Trend in the recent decade shows that it is possible.

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.

India, being the most populated democratic country, finds it hard to solve the poverty problem.
There are positive signals of better results in eradication of illiteracy and poverty. Let us hope that the new ventures will bring the ancient prosperity back to India!

http://socyberty.com/economics/can-the-new-symbol-of-the-rupee-save-the-...




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