The Narendra Modi led government is likely to propose a resolution to rename India as ‘Bharat’ during the special session of the Parliament from September 18- 22.
This move has come after G20 summit 2023 invites, from the President Draupadi Murmu’s office reads ‘The President of Bharat’ instead of ‘The President of India’ came to light.
Now after this news has gone viral, the opposition leaders expressed their concerns about it and flooded their Twitter accounts with them that the cost of changing the name of our country will be much higher. Let us figure out what will be the cost?
Procedure to calculate the cost
India is not the first country to undergo the name change. Back then, Africa also underwent the same procedure. Darren Olivier, a lawyer in Africa compared the process of changing names of a country to rebranding a corporate entity.
According to him, the average marketing cost of a company is around 6% of its total revenue.
If we talk about the rebranding, the cost could go upto 10% of the entity’s total marketing budget. As per his estimate, the cost of renaming Swaziland to Eswatini was $60 million.
What will be the cost of renaming India?
If we apply the same formula in India, the cost of renaming the nation could go upto ₹14,304 crores. This has been calculated after applying the similar model.
The resultant amount has been calculated after including both, tax and non-taxable revenues to Olivier’s model.
For the fiscal year 2023, India’s total revenue cost including tax and non-tax revenue was ₹23.84 lakh crores.