- India's Identity Evolution: India's consideration of changing ‘India’ to 'Bharat' reflects a dynamic shift in its identity, emphasizing its rich heritage and transcending colonial hangover.
-- Economic Opportunity: While renaming a nation is a significant undertaking, it presents an opportunity for economic growth, particularly in the long run, as it involves infrastructure upgrades, mapping efforts, and more, potentially benefiting various industries.
--- Global Engagement: The G20 Summit was successfully concluded in New Delhi earlier this month, where world leaders engaged with the Prime Minister of 'Bharat,' Shri Narendra Modi, which signifies India's growing role as the voice of the global south, fostering international cooperation and diplomacy on important global issues.
-> Estimated Cost: Although no official cost figures have been released to date. One of the methods used to calculate the cost of renaming Swaziland to Eswatini in 2018 is known. Intellectual property lawyer Darren Olivier applied a corporate rebranding model, considering that the average marketing cost for large enterprises is typically ~6% of total revenue, with rebranding exercises costing ~10 per cent of the marketing budget. In the case of Swaziland's renaming, this approach estimated the cost at $60 million.
If we apply a similar model, the fiscal revenue for 2023 in India was ₹23.84 Lacs crore, encompassing tax and non-tax revenue, the result of renaming it to “Bharat” may lead to an estimated cost of ₹14,304 crore. (₹23.84 Lacs Crores * 6% *10%)
**Disclaimer: It's important to note that the estimated cost provided here is based on a simplified model and assumptions applied to a hypothetical renaming scenario. Actual costs associated with renaming a country like India to 'Bharat' can vary significantly due to complex logistical, administrative, and economic factors. This estimation is meant for illustrative purposes and should not be considered an accurate representation of the precise financial implications of such a renaming endeavour. **
Country: India 🇮🇳
Nature: Capex
Cost Classification: These costs encompass updating maps, road navigation systems, official paraphernalia, and more, involving coordination among public and private entities.
Source: September 5, 2023 |Outlook |
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