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The recent murder of Indian rationalist Narendra Dabholkar in Pune has led to a massive outpouring of anger, including in debates on TV channels. As a mark of tribute, the Maharashtra government has now pushed an anti-superstition Bill that he had championed for years.
But it seems superstition is part and parcel of life, at least in some sections of Indian society. How else can one explain some blaming the new rupee symbol for the rupee’s drastic fall? These people are unwilling to reconcile to the news of rupee touching “historic low” against the major currencies week after week!
Sign of growing aspiration
In Budget 2010-11, India’s then Finance Minister Pranab Mukherjee wanted to formalise a symbol for the Indian Rupee (INR) to reflect and capture the Indian ethos and culture. Subsequently, the new symbol was approved by the Indian government on July 15, 2010. The country had gone gaga over the selection of the symbol which is a fusion of Roman and Indian Devnagari script.
Some called the new symbol a “sign of India’s growing aspiration” while critics dubbed it as needless exuberance, given the economic challenges India had to face. Even now, several G20 nations have not gone for a unique symbol since they want their currency to be globally relevant before taking such a step. Many thought India would not gain anything by internationalising its currency symbol since there are virtually no takers for the Indian currency in the global market or even accept it as reserve currency.
Moreover, unlike the US Dollar or Euro, Indian currency is not freely convertible. In fact, India itself does its trade and business mostly in the US Dollars.
It is true that India’s near 9 per cent growth was much discussed and praised by economists five years ago. The country had and still has many admirers. However, issues such as rich-poor divide, high unemployment, huge deficit and high inflation were always going to haunt the country at some point.
In fact, a UNDP study — two days before the Indian government approved the rupee symbol — pointed out that acute poverty prevailed in eight Indian States, including Bihar, Uttar Pradesh and West Bengal (the most populated States) together accounting for more poor people than in 26 poorest African nations combined.
Only emotive value?
Does this mean the new rupee symbol has only emotive value? Some still feel that it is a passing phase and India can and will fix its problems by concentrating on curbing its imports.
With a slew of other measures, the rupee may strengthen in due course of time. But this may happen only next year after the results of the general elections are out.
Till such time it seems superstitions will have a wild run!
(The author is chief of media communications at HAL. Views are personal)
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