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Time of India
28 minutes ago
- Time of India
If Mahatma Gandhi wasn't India's first choice for banknotes then how did he become Rupee's forever face?
Walk into any shop in India, hand over a crumpled banknote, and you'll see a familiar face smiling back, bespectacled, serene, and instantly recognisable. Mahatma Gandhi doesn't just appear on our currency; he has become a quiet constant in our daily exchanges, silently passing through millions of hands each day. But the story of how he ended up there is far from straightforward. In fact, in the first flush of independence, Gandhi's portrait was rejected for Indian notes. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker Midnight on 14 August 1947 brought independence, but not yet a new currency. For a brief period, the Reserve Bank of India (RBI) continued issuing colonial notes bearing King George VI. Behind closed doors, discussions began on what a truly Indian banknote should look like. The early idea was simple, replace the King's portrait with that of the Father of the Nation. Designs were prepared with Gandhi's image. Then came a surprising turn. As the RBI recounts, the 'final analysis' shifted towards a non-personal symbol, the Lion Capital of Ashoka at Sarnath. It was felt this emblem, drawn from India's ancient heritage, better captured the idea of a modern republic. So, in 1949, the new Re. 1 note appeared with the Lion Capital watermark, and Gandhi's portrait was shelved. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo In the following decades, Indian notes became miniature showcases of the country's identity and ambitions. Tigers, deer, and peacocks symbolised natural heritage. The Konark Wheel, Brihadeeswara Temple, and Hirakud Dam spoke of cultural pride and industrial progress. The Aryabhatta satellite hinted at a future in science and space. Currency in the 1950s and 60s was not about a single leader, it was about the nation as a whole. Gandhi's First Appearance (1969) It wasn't until Gandhi's birth centenary in 1969 that he made his first official appearance on a banknote. This commemorative design showed him seated, with Sevagram Ashram in the background, a gentle nod to his life of simplicity and service. The issue was special and short-lived, not yet a permanent feature of Indian currency. Live Events The real turning point came in 1987. The Rajiv Gandhi government reintroduced the Rs 500 denomination, and for the first time on a regular note, Gandhi's portrait appeared on its obverse. Still, he wasn't on every note. That came in 1996, when the RBI launched the Mahatma Gandhi Series, redesigned notes with improved security features and, for the first time, Gandhi's smiling face on all denominations. In 2016, the 'New Series' kept Gandhi firmly in place while refreshing colours, sizes, and themes. From Rs 10 to Rs 2,000, he had become inseparable from the rupee. Other Faces, Other Ideas Over the years, there have been calls to share this space. Some have suggested Jawaharlal Nehru, Subhas Chandra Bose, Sardar Patel, or even religious figures like Goddess Lakshmi and Lord Ganesha. In 2016, the government clarified that a high-level committee had decided 'there is no need to change Mahatma Gandhi's photo on the currency notes.' Others have been honoured in different ways, Dr B. R. Ambedkar, for instance, was commemorated with special Rs 125 and Rs 10 coins. In 2022, a proposal from the Aam Aadmi Party to add Lakshmi and Ganesha sparked debate, with supporters citing prosperity and detractors warning against politicising or communalising currency design. The Inescapable Mahatma For all the discussion, Gandhi remains unshaken on our notes. As Martin Luther King Jr. once said, 'Gandhi was inevitable… we may ignore him at our own risk.' On the rupee, his presence is more than decoration, it's a reminder of the values he championed: truth, non-violence, and unity in diversity. Every time we pass a note across a counter, we're not just exchanging money. We're handing over a piece of history, one that almost didn't have Gandhi's face, but now, perhaps fittingly, cannot be imagined without it.
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Business Standard
an hour ago
- Business Standard
India-US ties rooted in shared values, have weathered challenges: MEA
India and the United States (US) share a comprehensive strategic partnership anchored in shared interests, democratic values, and strong people-to-people ties, the Ministry of External Affairs (MEA) said on Thursday. During the weekly media briefing, MEA spokesperson Randhir Jaiswal said: 'This partnership has weathered several transitions and challenges, as we had said earlier, and we remain focused on the substantive agenda that the two countries have committed to, and we hope that the relationship will continue to move forward based on mutual respect and shared interests.' #WATCH | Delhi | On the India–U.S. partnership, MEA spokesperson Randhir Jaiswal says, "The United States and India share a comprehensive global strategic partnership anchored in shared interests, democratic values and robust people-to-people ties. This partnership has weathered… — ANI (@ANI) August 14, 2025 The statement comes amid rising tensions between the two nations, with the US imposing 50 per cent tariffs on Indian imports, including a 25 per cent penalty for Russian oil purchases. The levy could be reduced if India and the US reach a trade agreement, with the sixth round of negotiations scheduled for later this month. Tariff concerns linked to Russia-Ukraine conflict US Treasury Secretary Scott Bessent warned on Wednesday that Washington may further increase the 25 per cent additional tariff rate on India if US President Donald Trump's upcoming meeting with Russian counterpart Vladimir Putin in Alaska fails to make progress on Ukraine. Trump has accused India of funding Russia's war effort through purchases of discounted Russian crude. Defence cooperation remains a key pillar On defence ties, Jaiswal said the India-US defence partnership remains an important pillar of bilateral relations, underpinned by foundational defence agreements and strengthened across all domains. 'We are expecting a US Defence Policy Team to be in Delhi in mid-August. The 21st edition of the joint military exercise 'Yudh Abhyas' is also expected to take place later this month in Alaska. Both sides remain engaged to convene the 2+2 intersessional meeting at the working level towards the end of this month,' Jaiswal said.
Hindustan Times
an hour ago
- Hindustan Times
S&P Global upgrades India investment rating: What about the Trump tariff effect?
S&P Global Ratings on Thursday bumped up India's investment grade rating, indicating that the economy's growth prospects won't be derailed by the US President Donald Trump administration's 50 per cent tariff shock. India's ratings upgrade comes days after Donald Trump imposed an additional 25 percent tariff due to Russian oil purchases amid Moscow's war in Ukraine.(Representational) According to a statement from S&P, India's credit rating has been upgraded to BBB from BBB-, with a stable outlook. The bump places India in the same rating category as countries like Mexico, Indonesia, and Greece. The ratings reflect India's stronger economic fundamentals, S&P (previously Standard and Poor's) said. 'The upgrade of India reflects its buoyant economic growth, against the backdrop of an enhanced monetary policy environment that anchors inflationary expectations. Together with the government's commitment to fiscal consolidation and efforts to improve spending quality, we believe these factors have coalesced to benefit credit metrics,' S&P said in the statement. The upgrade comes days after Donald Trump imposed an additional 25 per cent tariff due to Russian oil purchases amid Moscow's war in Ukraine. The total tariff now stands at 50 per cent. According to an estimate by Bloomberg Economics, India's exports to the US could drop by 60 per cent if the tariffs remain in place, putting nearly 1 percent of its gross domestic product at risk. S&P, however, said the economic impact will be 'manageable' as 60 per cent of India's growth is driven by domestic consumption. While the US tariffs 'may eventually result in a one-off hit to growth, we envisage the overall impact to be marginal and will not derail India's long-term growth prospects,' the statement said. India's sovereign 10-year bonds rallied, with yields falling as much as 10 basis points to 6.38 percent following the announcement. The rupee also rallied after the announcement. S&P's growth forecast for India S&P Global Ratings expects India's GDP to grow at an annual rate of 6.8 percent over the next three years. By contrast, the Reserve Bank of India (RBI) last week projected 6.5 percent growth for the current fiscal year, with governor Sanjay Malhotra adding that the country should aspire to a higher growth trajectory. The union government welcomed the S&P's decision to upgrade ratings. 'India's prioritising of fiscal consolidation, while maintaining its strong infrastructure drive and inclusive growth approach, has led to the upgrade,' the Department of Economic Affairs Secretary Anuradha Thakur said in a statement.
