DOCSLIB.ORG

A Study on Economic Dimensions of India and China

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Study on Economic Dimensions of India and China A Study on Economic Dimensions of India and China Sunil Kumar Das Bendi Modern Institute of Technology and Management, Bhubaneswar E-mail: [email protected] Tushar Kanta Pany HOD, School of Commerce, Ravenshaw University, Cuttack E-mail: [email protected] Abstract India and China are the two emerging economies of the world. They are the two most populous countries in the world who together account for more than a third of the world’s total population. A descriptive research study has been carried out for investigating the Gross Domestic Product of India and China in nominal and purchasing power parity basis. It also compares per capita gross domestic product and GDP growth rate of India and China. It also investigates the trends in the value of Chinese Yuan Renminbi (CNY) with Indian Rupee (INR). This paper also exhibits the market share in Foreign Direct Investment in Asia Pacific region in 2015. The dramatic rise not only enabled socio- economic upsurge of India and China but it also reshaped the regional and global trade trends. India replaced China as leading recipient of capital investment in Asia-Pacific with announced FDI of $63bn, as well as an 8 per cent increase in project numbers to 697. India faced various structural bottlenecks including delays in project approval, ill-targeted subsidies, a low manufacturing base and low agricultural productivity, difficulty in land acquisition, weak transportation and power networks, strict labour regulations and skill mismatches. Keywords : Foreign Direct Investment, Gross Domestic Product 1.0 Introduction Indo-China relations refer to international relations in 1978, China’s economic growth performance has been between the People’s Republic of China (PRC) and the truly dramatic. On the other hand, in India, the second Republic of India. The economic and diplomatic most populous country and largest democracy in the importance of India and China, which are the two most world, growth performance since the initiation of economic populous states and the world’s fastest growing major reform policies in 1991 has been relatively modest, falling economies, has in recent years increased the behind on many fronts relative to the Chinese significance of their bilateral relationship. Relations performance indicators. between China and India date back to ancient times. China and India are two of the world’s oldest civilizations Two major factors account for a country’s growing and have coexisted in peace for millennia. Trade relations integration with the global economy: trade and foreign via the Silk Road acted as economic contact between investment; expansion of exports, and foreign direct the two regions. investment (FDI). Growth of exports became a dominant source of industrial growth during the 1980s in most This is a comparative study of China and India, two of developing countries. Most of these countries including the most populous countries of the world, and which India and China, have replaced the old import-substitution combine to constitute nearly one-third of the world’s policy by an export promotion strategy. Both domestic population. Both India and China have undertaken fairly and international factors played an important role in the extensive economic reform policies during the past two shift of national policies to repay debts. The process of decades. Since the adoption of economic reform policies globalization already underway necessitated export Srusti Management Review, Vol -X, Issue - I, January-June 2017 37 orientation for improving technology, management Li and Liu (2004) find that it is an increasingly practices, marketing and international competitiveness. endogenous relationship between FDI and growth, especially since the mid-1980. Lee (2005) argues that The main difference between nominal and real values is foreign direct investment along with trade liberalization that real values are adjusted for inflation, while nominal is the answer for economic development. values are not. As a result, nominal GDP will often appear higher than real GDP. GDP is gross domestic product, Baharumshah and Thanoon (2006) by using dynamic the total economic output of a country, i.e., the amount panel models demonstrated the positive contribution of of money a country makes. GDP per capita is the total FDI on the growth process of East Asian economies. output divided by the number of people in the population, so you can get a figure of the average output of each 3.0 Objective of the Study person, i.e., the average amount of money each person makes. • To compare Gross Domestic Product (GDP) between India and China in Nominal and Purchasing The two most common ways to measure GDP per capita Power Parity basis are nominal and purchasing power parity (PPP). Nominal is an attempt at an absolute measure, a sort of • To compare GDP per capita and GDP growth rate immovable standard that remains the same from country between India and China to country. It is the original concept of GDP. In contrast, • To identify the trends in the value of Chinese Yuan PPP is an attempt at a relative measure, taking factors Renminbi (CNY) with Indian Rupee (INR) of each country into consideration in order to put a number on a person’s standard of living within that • To exhibit the market shares in Foreign Direct country. Investment (FDI) in Asia Pacific Region 2.0 Literature Review 4.0 Method of Study The relation between FDI and growth has drawn the This research is a descriptive study in nature. The attention of scholar quite lately than other research works. secondary data were collected from various journals, Chadee and Schlichting (1997) discuss some aspects magazines, and websites particularly from the of foreign direct investment in the Asia-Pacific Region International Monetary Fund World Economic Outlook and conclude that FDI has made a positive contribution journal and Foreign Direct Investment Markets, etc. The to all the economies in that region. study is based on the time period from 1980-2015. Graphs and tables have also been used wherever required to Borensztein, etal. (1998) through a study of 69 developing depict statistical data of GDP, GDP per capita, value of countries confirm that the LDCs (Less Developed currency and FDI during the study period. Countries) do benefit from FDI, if they have the capabilities to absorb advanced technologies. 5.0 Data Analysis The World Investment Report UNCTAD (1999) also China and India are the two emerging economies of the describes some econometric models for determining the world. This is a comparative study of China and India, impact of FDI on growth, after analyzing the data from two of the most populous countries of the world, and 11 countries in East Asia and Latin America, using which combine to constitute nearly one-third of the econometric techniques such as unit root and co world’s population. India’s gross domestic product integration tests. advanced 7.3 per cent year-on-year in the third quarter Zhang (2001) provides evidence that FDI promotes of 2016, following 7.1 per cent expansion in the previous economic growth in countries with a liberalized trade period and missing market expectations of 7.5 per cent regime, and a workforce with higher job skills and growth. Private consumption expanded at a faster pace education. while government spending slowed down and fixed investment dropped further. GDP Annual Growth Rate in According to Ram and Zhang(2002), FDI provides ready India averaged 6.08 per cent from 1951 until 2016, reaching access to the world markets and acts as a conduit for an all time high of 11.40 per cent in the first quarter of the host country to participate in the globalization 2010 and a record low of -5.20 per cent in the fourth process. quarter of 1979. Using co-integration and an error-correction model to Table 1 shows the amount of Gross Domestic Product examine the link between FDI and economic growth in (GDP) of India and China both on Nominal and Purchasing India, Chakraborty and Basu (2002) suggest that GDP Power Parity (PPP) basis between 1980 - 2015. In 1980, in India is not Granger caused by FDI, and the causality the GDP of China was 309.06 billion $ whereas the GDP runs more from GDP to FDI. of India was 181.42 billion $ on nominal basis. From analysis we find that China GDP is 1.7 times more than Hsiao and Shen (2003) argue the two way relationship India GDP on nominal basis in the year 1980. In these between FDI and growth and support feedback 35 years, China GDP has grown 3 times more than India relationship between FDI and GDP using a panel data GDP. on 84 countries covering the period of 30 years from 1970 to 1999. In 1980, India GDP was298.397 billion $ and China GDP Srusti Management Review, Vol -X, Issue - I, January-June 2017 38 was 386.147 billion $ on PPP basis. We found that China basis. But gradually it increased to 2.37 times more than GDP is 1.29 times more than India GDP in 1980 on PPP India GDP in these 35 years. Table 1 : Comparison of Gross Domestic Product of India and China Under PPP and Nominal Basis Year Nominal GDP (billions $) PPP GDP (billions Int. $) Year India (Nominal) China (Nominal) India (PPP) China (PPP) 2015 2,308.02 11,211.93 7,996.62 18,975.87 2014 2,049.50 10,380.38 7,375.90 17,617.32 2013 1,875.16 9,469.13 6,783.66 16,173.27 2012 1,835.82 8,386.68 6,252.67 14,789.52 2011 1,843.02 7,314.48 5,845.36 13,482.08 2010 1,708.46 5,949.65 5,370.62 12,085.45 2009 1,365.37 5,105.77 4,812.08 10,813.81 2008 1,224.10 4,547.72 4,402.48 9,826.85 2007 1,238.70 3,504.61 4,156.08
Load more

Recommended publications
  • Devaluation of Currency
    Devaluation of Currency Subject: Global Economic Issues Presented to: Mr. Kamran Abdullah Presented By: Abdul Hameed Baloch BM-25011 Institute of Business & Technology, Karachi Institute Of Business & Technology (BIZTEK) Page 1 DEVALUATION OF CURRENCY TABLE OF CONTENTS S. No.Description ACKNOWLEDGEMENT PREFACE CURRENCY Institute Of Business & Technology (BIZTEK) Page 2 1.1 What Is Currency 1.2 Pakistani Currency 1.3 Role Of SBP DEVALUATION 2.1 Introduction 2.2 Devaluation In Modern Economies 2.3 Types Of Exchange Rate Systems 2.4 Country Devaluation 2.5 Effects Of Devaluation EXCHANGE RATE 3.1 SBP’s Policy About Currency 3.2 Exchange Rates FACTORS CAUSING DEVALUATION OF PKR 4.1 Balance Of Payment 4.2 Pakistan’s Balance Of Payment 4.3 Measures For Correcting Adverse BoP 4.4 Suggestions To Improve BoP 4.5 Depleting Foreign Reserves 4.6 Decreased Credit Rating 4.7 Law And Order Situation 4.8 Situation In Northern Pakistan 4.9 Proposed Remedy 4.10 Domestic Issues GLOBAL ISSUES 5.1 OVERVIEW 5.2 SUBPRIME 5.3 US, WAR ON TERROR, FOOD CRISIS AND MORE 5.4 DOLLAR AND CHINA CONCLUSION REFRENCES PREFACE The purpose of this study is to analyze the sharp drop in the value of PKR. The international crisis following the events of September 11, 2001 and the ensuing US attack on Afghanistan caught Pakistan in the crossfire, came with serious Institute Of Business & Technology (BIZTEK) Page 3 economic and political consequences for the country. With increasing number of refugees crossing the border, adverse Balance of Payments and deteriorating law and order situation, Pakistan is loosing the battle to maintain the strength of its currency which is devaluating at a helpless rate.
    [Show full text]
  • The Unicode Standard, Version 6.3
    Currency Symbols Range: 20A0–20CF This file contains an excerpt from the character code tables and list of character names for The Unicode Standard, Version 6.3 This file may be changed at any time without notice to reflect errata or other updates to the Unicode Standard. See http://www.unicode.org/errata/ for an up-to-date list of errata. See http://www.unicode.org/charts/ for access to a complete list of the latest character code charts. See http://www.unicode.org/charts/PDF/Unicode-6.3/ for charts showing only the characters added in Unicode 6.3. See http://www.unicode.org/Public/6.3.0/charts/ for a complete archived file of character code charts for Unicode 6.3. Disclaimer These charts are provided as the online reference to the character contents of the Unicode Standard, Version 6.3 but do not provide all the information needed to fully support individual scripts using the Unicode Standard. For a complete understanding of the use of the characters contained in this file, please consult the appropriate sections of The Unicode Standard, Version 6.3, online at http://www.unicode.org/versions/Unicode6.3.0/, as well as Unicode Standard Annexes #9, #11, #14, #15, #24, #29, #31, #34, #38, #41, #42, #44, and #45, the other Unicode Technical Reports and Standards, and the Unicode Character Database, which are available online. See http://www.unicode.org/ucd/ and http://www.unicode.org/reports/ A thorough understanding of the information contained in these additional sources is required for a successful implementation.
    [Show full text]
  • RRB NTPC 16-01-2021 Evening Shift Questions English
    RRB NTPC Memory Based Questions Date-16 January 2021 Evening Shift Q. 1 Who of the following is related "Champaran Satyagraha " ? Ans. Mahatma Gandhi Q. 2 Who was the first "Acting Prime Minister" of India? Ans. Gulzarilal Nanda Gulzarilal Nanda (4 July 1898 – 15 January 1998) was an Indian politician and economist who specialized in labour issues. He was the Acting Prime Minister of India for two short periods following the deaths of Jawaharlal Nehru in 1964 and Lal Bahadur Shastri in 1966. Q. 3 What carries oxygen throughout the human body? Ans. RBC The main job of red blood cells, or erythrocytes, is to carry oxygen from the lungs to the body tissues and carbon dioxide as a waste product, away from the tissues and back to the lungs. Hemoglobin (Hgb) is an important protein in the red blood cells that carries oxygen from the lungs to all parts of our body. Q. 4 Which is the " cleanest city of India" ? Ans. Indore Q. 5 Which gland is known as "Master Gland"? Ans. pituitary gland The pituitary gland is sometimes called the "master" gland of the endocrine system because it controls the functions of many of the other endocrine glands. Q. 6 Which article of Indian Constitution laid down the procedure of Amendment Constitution ? Ans. Article- 368 Q. 7 When was first train started in India? Ans. 1853 by Lord Dalhousie Q. 8 Who was the "Goodwill Ambassador" of UNICEF in 2018? Ans. Priyanka Chopra Q. 9 Which film was not nominated for "Oscar Award"? Ans. Karma www.resultuniraj.co.in Download RRB NTPC PDF http://bit.ly/rrb-ntpc-gk-pdf-download ​ ​ RRB NTPC Memory Based Questions Q.
    [Show full text]
  • Proposal to Encode North Indian Accounting Signs in Plane 1 of ISO/IEC 10646
    Proposal to Encode North Indian Accounting Signs in Plane 1 of ISO/IEC 10646 Anshuman Pandey University of Michigan Ann Arbor, Michigan, U.S.A. [email protected] May 15, 2007 Contents Proposal Summary Form i 1 Introduction 1 2 Acknowledgments 2 3 Characters Proposed 2 3.1 Basis for Character Shapes . .......... 2 4 Overview of the Accounting Signs 3 4.1 FractionSigns................................... ....... 3 4.2 Independent Fraction Signs . ........... 4 4.3 QuarterMark ..................................... ..... 5 4.4 PlaceholderMark ................................. ....... 6 4.5 CurrencyMark .................................... ..... 6 4.6 QuantityMark.................................... ...... 8 5 Signs Not Proposed 10 5.1 SignsforUnitsofWeight. ......... 10 5.2 SignsforUnitsofMeasure . ......... 11 6 Relationship to Other Indian Notation Systems 11 6.1 GujaratiFractions............................... ......... 12 6.2 Bengali Currency Marks and Fractions . ............. 12 6.3 Malayalam Fractions and Letter-Numerals . ............... 13 6.4 Raqm Fractions and Rupee Mark . ......... 13 7 References 13 List of Figures 1 Currency, weights, and measures marks that appear in Kaithi documents . 16 2 System of notating currency in Kaithi using fractions and the currency mark . 17 3 Excerpt showing the forms of regular and independent fractions in Gujarati . 17 4 Excerpt from a Gujarati grammar showing the writing of fractions after a zero . 17 5 Use of fractions and the currency mark in the Mahajani script................. 18 6 Pricelist for books showing the use of the rupee mark . ............... 19 7 Pricelist for books showing the use of the rupee mark . ............... 19 8 Title page showing the use of fractions to denote price . ................. 20 9 Title page showing the use of the rupee mark and fractions to denote price . 20 10 The use of the rupee mark in Devanagari text .
    [Show full text]
  • Wg2 N3887 Iso/Iec Jtc 1/Sc 2/Wg 2 Proposal Summary Form to Accompany Submissions for Additions to the Repertoire of Iso/Iec 10646 A
    ISO/IEC JTC1 SC2/WG2 N3887 ISO/IEC JTC 1/SC 2/WG 2 PROPOSAL SUMMARY FORM TO ACCOMPANY SUBMISSIONS FOR ADDITIONS TO THE REPERTOIRE OF ISO/IEC 10646 A. Administrative 1 Title: Proposal to encode the Indian Rupee Symbol in the UCS. 2 Requester’s name: Department of Information Technology Ministry of Communications & IT, Government of India THROUGH: Bureau of Indian Standard (BIS), India 3 Requester type (Member Member Body (BIS) body/Liaison/Individual contribution): 4 Submission date: 01-09-2010 5 Requester’s reference (if applicable): 6 Choose one of the following: This is a complete proposal: Yes or, More information will be provided later: B. Technical — General 1 Choose one of the following: a. This proposal is for a new script No (set of characters): Proposed name of script: b. The proposal is for addition of character(s) to an existing block: Yes Name of the existing block: Currency Symbols 2 Number of characters in proposal: One 3 Proposed category: A A-Contemporary B.1-Specialized (small collection) B.2-Specialized (large collection) C-Major extinct D-Attested extinct E-Minor extinct F-Archaic Hieroglyphic or Ideographic G-Obscure or questionable usage symbols 4 Proposed Level of Implementation (1, 2 or 3): 1 Is a rationale provided for the choice? If Yes, reference: 5 Is a repertoire including character names provided? Yes a. If YES, are the names in accordance with the “character naming guidelines” in Annex L of P&P document? b. Are the character shapes attached in a legible form suitable for review? 6 Who will provide the appropriate computerized font (ordered preference: Provided in the pages True Type, or PostScript format) for publishing the standard? below.
    [Show full text]
  • Symbols & Glyphs 1
    Symbols & Glyphs Content Shortcut Category ← leftwards-arrow Arrows ↑ upwards-arrow Arrows → rightwards-arrow Arrows ↓ downwards-arrow Arrows ↔ left-right-arrow Arrows ↕ up-down-arrow Arrows ↖ north-west-arrow Arrows ↗ north-east-arrow Arrows ↘ south-east-arrow Arrows ↙ south-west-arrow Arrows ↚ leftwards-arrow-with-stroke Arrows ↛ rightwards-arrow-with-stroke Arrows ↜ leftwards-wave-arrow Arrows ↝ rightwards-wave-arrow Arrows ↞ leftwards-two-headed-arrow Arrows ↟ upwards-two-headed-arrow Arrows ↠ rightwards-two-headed-arrow Arrows ↡ downwards-two-headed-arrow Arrows ↢ leftwards-arrow-with-tail Arrows ↣ rightwards-arrow-with-tail Arrows ↤ leftwards-arrow-from-bar Arrows ↥ upwards-arrow-from-bar Arrows ↦ rightwards-arrow-from-bar Arrows ↧ downwards-arrow-from-bar Arrows ↨ up-down-arrow-with-base Arrows ↩ leftwards-arrow-with-hook Arrows ↪ rightwards-arrow-with-hook Arrows ↫ leftwards-arrow-with-loop Arrows ↬ rightwards-arrow-with-loop Arrows ↭ left-right-wave-arrow Arrows ↮ left-right-arrow-with-stroke Arrows ↯ downwards-zigzag-arrow Arrows 1 ↰ upwards-arrow-with-tip-leftwards Arrows ↱ upwards-arrow-with-tip-rightwards Arrows ↵ downwards-arrow-with-tip-leftwards Arrows ↳ downwards-arrow-with-tip-rightwards Arrows ↴ rightwards-arrow-with-corner-downwards Arrows ↵ downwards-arrow-with-corner-leftwards Arrows anticlockwise-top-semicircle-arrow Arrows clockwise-top-semicircle-arrow Arrows ↸ north-west-arrow-to-long-bar Arrows ↹ leftwards-arrow-to-bar-over-rightwards-arrow-to-bar Arrows ↺ anticlockwise-open-circle-arrow Arrows ↻ clockwise-open-circle-arrow
    [Show full text]
  • Banking & Financial Awareness
    Banking & Financial Awareness Part - 1 TABLE OF CONTENTS Know Your Currency - Features of New Currency Notes........................................................................................ 2 Fast Facts on NEFT, RGTS, AEPS and MTSS .................................................................................................................. 4 Inflation - Types, Causes, Measurement and Effects ................................................................................................. 7 Relationship between Inflation and Interest rate .................................................................................................... 13 Banking Cash Transaction Tax (BCTT): Explained .................................................................................................. 15 Cash Credit in Banking System ........................................................................................................................................ 16 Twin Balance Sheet Problem in India: A Halt in the Progress ............................................................................ 18 Pros and Cons of SBI's Minimum Balance Penalty ................................................................................................... 20 Fractional Reserve Banking - Explained with Examples ....................................................................................... 22 Green Banking: All You Need to Know.........................................................................................................................
    [Show full text]
  • Iso/Iec Jtc 1/Sc 2/Wg 2 Proposal Summary Form to Accompany Submissions for Additions to the Repertoire of Iso/Iec 10646 A
    ISO/IEC JTC 1/SC 2/WG 2 PROPOSAL SUMMARY FORM TO ACCOMPANY SUBMISSIONS FOR ADDITIONS TO THE REPERTOIRE OF ISO/IEC 10646 A. Administrative 1 Title: Proposal to encode the Indian Rupee Symbol in the UCS. 2 Requester's name: Department of Information Technology Ministry of Communications & IT, Government of India 3 Requester type (Member Member Body body/Liaison/Individual contribution): 4 Submission date: 20-07-2010 5 Requester's reference (if applicable): 6 Choose one of the following: This is a complete proposal: Yes or, More information will be provided later: B. Technical – General 1 Choose one of the following: a. This proposal is for a new script No (set of characters): Proposed name of script: b. The proposal is for addition of character(s) to an existing block: Yes Name of the existing block: Currency Symbols 2 Number of characters in proposal: One 3 Proposed category: A A-Contemporary B.1-Specialized (small collection) B.2-Specialized (large collection) C-Major extinct D-Attested extinct E-Minor extinct F-Archaic Hieroglyphic or Ideographic G-Obscure or questionable usage symbols 4 Proposed Level of Implementation (1, 2 or 3): 1 Is a rationale provided for the choice? If Yes, reference: 5 Is a repertoire including character names provided? Yes a. If YES, are the names in accordance with the “character naming guidelines” in Annex L of P&P document? b. Are the character shapes attached in a legible form suitable for review? 6 Who will provide the appropriate computerized font (ordered preference: Government of India True Type, or PostScript format) for publishing the standard? If available now, identify source(s) for the font (include address, e-mail, ftp-site, etc.) and indicate the tools used: 7 References: a.
    [Show full text]
  • Currency Symbols Range: 20A0–20CF the Unicode Standard
    Currency Symbols Range: 20A0–20CF The Unicode Standard, Version 3.2 This file contains an excerpt from the character code tables and list of character names for The Unicode Standard, Version 3.2. Characters in this chart that are new for The Unicode Standard, Version 3.2 are shown in conjunction with any existing characters. For ease of reference, the new characters have been highlighted in the chart grid and in the names list. This file will not be updated with errata, or when additional characters are assigned to the Unicode Standard. See http://www.unicode.org/charts for access to a complete list of the latest character charts. Disclaimer These charts are provided as the on-line reference to the character contents of the Unicode Standard, Version 3.2 but do not provide all the information needed to fully support individual scripts using the Unicode Standard. For a complete understanding of the use of the characters contained in this excerpt file, please consult the appropriate sections of The Unicode Standard, Version 3.0 (ISBN 0-201-61633-5), as well as Unicode Standard Annexes #28 and #27, the other Unicode Technical Reports and the Unicode Character Database, which are available on-line. See http://www.unicode.org/Public/UNIDATA/UnicodeCharacterDatabase.html and http://www.unicode.org/unicode/reports A thorough understanding of the information contained in these additional sources is required for a successful implementation. Fonts The shapes of the reference glyphs used in these code charts are not prescriptive. Considerable variation is to be expected in actual fonts.
    [Show full text]
  • Bimbikag for RSCIT: Free Software for Computer Exam Preparation
    BimbikaG for RSCIT: Free software for computer exam preparation Insert Unicode Rupee Symbol in Document Learn how to type, insert or add the Indian Rupee (INR) symbol in MS Word document using Unicode. You can do so on computers with Indic language support. Indian government launched new symbol for the Indian currency on 15 July 2010. Earlier, a more general Rs. Symbol was used to indicate Indian Rupee (INR). From the word processing point of view it was much easier to type it because both the constituent characters (i.e. R and s) were available on English keyboard. But when the new and unique symbol was launched, there was a quite a bit of confusion as to how to type this new symbol in computer. In the beginning the problem was circumvent using an image of the symbol. But resizing and making this image fit in various fonts and font sizes was a big nuisance. But the problem was solved when, on 10 August 2010, a Unicode character was allocated for this symbol. Although the symbol itself was still missing from English keyboard –but this allocation was a big leap forward. Now it was possible to type this character using standard keyboard. How to Add / Type Indian Rupee Symbol in MS Word The Unicode character for Rupee sign is U+20B9 In your MS-Word document just type 20B9 and then press ALT + x keys. As soon as you press this key combination, the text 20B9 will be replaced by the Indian currency’s symbol. [ Note: If you want to use this sign in a web page, the HTML code for this is ₹ ] Unicode Rupee Symbol Still Not Appearing If instead Rupee symbol, you are getting some other sign (like a question mark or a square box) –this means that your computer is not yet Unicode enabled.
    [Show full text]
  • IIT Graduate Gives Indian Rupee Its Symbol
    IIT graduate gives Indian Rupee its symbol Press Trust of India, Updated: July 16, 2010 00:05 IST Comments Ads by Google HDFCERGO Health Insurance – Now Claim Process with minimum documents. Apply Online Today! HDFCERGO.com/Health_Insurance Click to Expand & Play New Delhi: The Indian rupee will soon have a unique symbol -- a blend of the Devanagri 'Ra' and Roman 'R' -- joining elite currencies like the US dollar, euro, British pound and Japanese yen in having a distinct identity. The new symbol, designed by Bombay IIT post-graduate D Udaya Kumar, was approved by the cabinet today -- reflecting that the Indian currency, backed by an over-trillion dollar economy, was finally making its presence felt on the international scene. (How do you like the symbol?) "It's a big statement on the Indian currency... The symbol would lend a distinctive character and identity to the currency and further highlight the strength and global face of the Indian economy," Information and Broadcasting Minister Ambika Soni told reporters after the cabinet meeting. Though the symbol will not be printed or embossed on currency notes or coins, it would be included in the 'Unicode Standard' and major scripts of the world to ensure that it is easily displayed and printed in the electronic and print media. Among currencies with distinctive identities, only the pound sterling has its symbol printed on the notes. Unicode is an international standard that allows text data to be interchanged globally without conflict. After incorporation in the global and Indian codes, the symbol would be used by all individuals and entities within and outside the country.
    [Show full text]
  • Proposal to Deprecate GUJARATI RUPEE SIGN
    L2/09-331 2009-10-07 Title: Proposal to Deprecate Source: Anshuman Pandey ([email protected]) Status: Individual Contribution Action: For consideration by UTC Date: 2009-10-07 1 Introduction This is a proposal to deprecate the character ૱ +0AF1 . The character is an abbrevi- ation of the Gujarati word િપયો rūpiyo > rū. The character ૱ may be decomposed as ર +0AB0 + ◌ૂ +0AC2 + an abbreviation sign. The ligature is the common representation of + . The circle element is an abbreviation sign analogous to ॰ +0970 . The word ‘rupee’ is abbreviated in other scripts according to a similar composition, eg. Devanagari पया rupayā > ॰ ru. ( + + ). 2 Analysis The Government of introduced the to the Unicode Technical Committee through L2/01-304, as one of several additions for Gujarati. The UTC accepted the sign for encoding because “the symbol is not made from pieces that are already encoded Gujarati characters” (L2/01-430R: 7). The en- coding of the abbreviation ૱ as an atomic character motivated India to propose the Devanagari analogue ॰ for encoding as (L2/04-236, L2/05-063). The UTC responded appropriately in L2/05-070, stating that the Devanagari currency sign is already representable by “Ra + U-sign + abbreviation sign”. Many currency signs are simple combinations of letters, e.g. sFr for Swiss Franc. Would need to establish that the proposal has a unique shape. Can add as named sequence. The is a simple combination of letters. It is not an atomic character. The shape ૱ is not a unique sign for representing currency in Gujarati; the abbreviation is also written as ‘.’ using the Latin fullstop in place of the circular abbreviation sign.
    [Show full text]