· COVID’s economic impacts are an anomaly, in comparison to previous pandemics (Spanish Flu and annual influenza outbreaks) with the sudden economic shock having unprecedented consequences, visible in the high unemployment rates of many developed nations (Altig et al., ). The World Bank (WB) has projected that the effects of the COVID pandemic will cause global GDP to Economics is the study and understanding of the economy such as the governmental system, money marketing, trades such as production and financial market. The traditional economic system is based on customs, beliefs, and ways that people have been doing things for century’s. when the government has control over the aspect over the production and makes all the decisions and ways to control the Capitalism is a form of economic system in which government does not interfere in business. Capitalism is one of the oldest economic systems. Thousands years ago it was known as Mercantilism. Mercantilism can be defined as distribution of products to make profits. It was practiced in Rome and Middle East. Read More
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Essay on Cashless Economy! These essays will also guide you to learn about the introduction, merits and demerits of cashless economy. Contents List of Essays on Cashless Economy Essay on Cashless Economy — Short Essay Essay 1 — Words Essay on Cashless Economy — In India Essay 2 — Words Essay on Cashless Economy — Written in English Essay 3 — Words Essay on Cashless Economy — Role in Transforming India Essay 4 — Words Essay on Cashless Economy — For School Students Class 8, 9, 10, 11 and 12 Standard Essay 5 — Words Essay on Cashless Economy Essay 6 — Words Essay on Cashless Economy — For College and University Students Essay 7 — Words Essay on Cashless Economy — Long Essay for Competitive Exams like IAS, IPS and UPSC Essay 8 — Words, essay about economy.
It is a common sight nowadays where people use electronic means to make payments. Digital transactions have become normal for people especially those living in urban areas. Gone are the days when one has to visit a bank to withdraw money.
There are ATM machines everywhere which substitute as money vending machines. There are so many merits of a cashless economy. However, essay about economy, like every other thing, there are demerits as well. Audience: The below given essays are exclusively written for school students Class 8, 9, 10, essay about economy, 11 and 12 Standard and college students.
Furthermore, those students preparing for essay about economy exams like IAS, IPS and UPSC can also increase their knowledge by studying these essays. A cashless economy refers to the kind of economy wherein most transactions are carried out in the digital format. You no longer need cash for making payments as there are several wallets, online payment, cards which can make things easier for you, essay about economy. Narendra Modi announced demonetization and scrapped the old currency of Rs.
Tax collection increases as all the transaction takes place through bank accounts. Online payment comes handy, thus people need not carry cash all the time. Small businesses still use cash as they cannot afford digital infrastructures. Cashless economy is an economy which extremely depends on digital transactions or digital cards all over the nation. In a cashless economy, the outflow and inflow of physical money are very marginal.
In Novemberan idea of cutting down the black money in the nation was given by Prime Minister of India Mr. Narendra Modi. He blocked the utilization of currency notes of Rs. With this drastic step, he also introduced the scheme of Cashless economy in the country. Old age people are not tech savvy which makes it quite tough to teach them about the cashless economy.
There is lack of internet connectivity in rural areas in our nation which makes it difficult to commence the concept of the cashless economy in every region, essay about economy. The concept of cashless economy is very useful for curbing out the black money from the nation. The lack of sufficient infrastructure and illiteracy is one of the major hindrances in the path of the cashless economy.
But to get its desired results, we need to change ourselves also as the merits of the cashless economy are more than its demerits. Cashless economy is a condition where the flow of cash becomes insignificant and all the personal and commercial money transactions are done digitally. Demonetization is one of the major initiatives by the government looking forward to a cashless economy and digital future.
People had to go through many difficulties to overcome the short notice decision; but before blaming the authority we have to know the benefits of cashless economy. The major motive in promoting cashless economy is to wipe away black money to a certain extent.
All the illegal activities like immoral trafficking, drug business, smuggling, etc. Banking and economy system becomes more transparent with the launch of cashless economy and also reduces the chance of fake currencies. We need not wait longer in bank queues to make a single transaction; a few clicks over smart phone or computer systems shall do the job safely and quickly. While travelling also, all you have to carry is the debit or credit card; no more carrying wallet or tension of taking cash in essay about economy. With the cashless economy, the government gets a clear monitoring facility over money transactions and thus trims down number of tax evasions.
Also the public can ensure that the welfare funds allotted to every department is being transferred to eligible beneficiaries as they will be given to personal accounts without a third man interruption.
On being cashless economy, Government also will save the cost of printing paper, moneys and coins; the saving can be invested in issuing digital machines needed for retailers and other related purposes. Cashless economy is comparatively acceptable for educated and technically knowledgeable ones, essay about economy, whereas the procedures are still unknown for common men. Lack of awareness on how to do digital transactions hassle the normal society. Lesser understanding leads to increased cyber threats and people get trapped to hackers.
The first and foremost step as a part of our contribution to cashless economy is changing self. The youth and educated ones can help backward people by giving training on how to manage digital essay about economy and make them aware of the importance of this transformation.
Cashless economy should be a team effort where the government and people should have equal dedication. Cashless Economy means reduction in cash transactions and increased use of digital transactions.
The Government of India introduced the method of Cashless transactions in November It started with the demonetization of Rs. This was considered to be a great move to reduce the dependency of cash in India. The sudden announcement of moving into Cashless Economy brought mixed responses from the citizens as well as financial experts.
Implementing Cashless Economy has numerous benefits and it is a great way to develop our economy. When all the transactions are to be made through banking systems, credit and debit cards or through other digital means, there is no way to secretly store money without records. By essay about economy Cashless Economy, the country has reduced terror related crimes because black money is mainly used for funding terrorist activities.
Dependency on cash will be much essay about economy and people need not worry about theft. Extortion and bank robbery will also decline. Since essay about economy transactions become digital, the details of income can be traced and thus income tax payments become mandatory.
Thus, Cashless Economy helps in increasing revenue to the Government. Every new initiative will have its share of negative criticism and implementation of Cashless Economy is no exception to that. Though the idea of Cashless Economy is acceptable, the experts feel that before launching such a crucial financial system, the government should have validated whether adequate facilities are in place across the country.
Poor people are the most affected by this plan since they do not have any knowledge on using internet. People in rural areas are mostly illiterates. Most of them are farmers and daily wage workers; expecting them to do digital transactions is meaningless. Also digital transactions involve sharing of personal information in the internet. Although there were initial hiccups when demonetization was announced and Cashless Economy was launched, people slowly started making digital payments, essay about economy.
But most of the citizens feel that the government must improve the infrastructure if the plan has to yield its benefit. Many merchant outlets do not support Cashless purchases; how many petty shops accept debit or credit cards? When metro cities face such difficulties, essay about economy, the state of villages is pretty imaginable. Launch of Cashless Economy has brought about a sea change in Indian economic system. Since digital transactions are easier and faster, people are more interested in doing digital transactions that ever before, essay about economy.
However, in the contemporary set up, cashless refers to the digital forms of transactions, where no physical cash is in circulation.
Cashless transactions include transactions through credit cards, debit cards, virtual wallets or electronic fund transfer systems by the bank. Cashless economy can reduce, essay about economy, to a greater extent, the cost associated with creating, printing, and transportation of physical cash. Without physical money in hand, the incidents of theft and stealing can be reduced. The cashless economy can help essay about economy e-commerce to flourish.
The E-business can be developed as people from essay about economy locations are transacting and nurturing the business. There will be a downfall in the real estate business. Any illegal money transaction or possession of black money in the market will be curbed if a cashless economy is implemented. Also, the black money stagnated in the hands of politicians can also be traced and brought into account because there will not be any more instances of buying the votes.
Thus, it becomes easier to go behind the black money and any illegal or unauthorized transactions, as the whole transactions are recorded in the bank system. This can result in a transparent system essay about economy the transaction and it will be easy to fight corruption. The cashless system can also reduce the instances of counterfeit notes. This, as a whole, can prevent terrorism intervening in the country. Printing of the currency notes in India costs close to 30 million per year.
Cashless economy can cut down these charges and the government can utilize that money for other social and educational policies. Essay about economy a developing nation, essay about economy, many villages and citizens in India do not even have a valid bank account.
Computer illiteracy is higher, thus it prevents electronic transactions. Moreover, the rural locations do not have proper reception of internet on which the whole electronic transactions depend upon. The reach of digital transactions is limited to only urban city centers and hence, essay about economy, it is somewhat difficult to implement the complete cashless economy system in such a big country like India.
As easy as it sounds, it is also risky to do online transactions due to security issues. People with half-baked knowledge are easily exposed to cyber fraudulence activities and lose their money. The growing thirst of becoming rich has made people use crooked ways to earn money. Additionally, extra charges are levied on the cashless transactions across the counters in any business outlets that people are hesitant to switch over to a completely cashless system.
The cashless economy has its own sets of merits and demerits, essay about economy. In huge democratic countries like India, before implementing the system, the government should count into expert opinions to analyze strategically and work on the implementation of such plans for better economic growth in a sustainable way. Cashless economy has many merits and demerits.
It has changed the direction of our country in terms of essay about economy economic conditions, essay about economy.
It has brought a lot of transparency and ease of cashless payments with it. As with any other technology, this also faces risks of hacking and cyber-attacks. So, there needs to be some measures in place to make the system more secure and safe for use.
IELTS Writing Task 2 Band 9 Essay Planning - Economic Progress
, time: 7:12U.S. Economy: An Interesting Five-Paragraph Essay Example
Economics is the study and understanding of the economy such as the governmental system, money marketing, trades such as production and financial market. The traditional economic system is based on customs, beliefs, and ways that people have been doing things for century’s. when the government has control over the aspect over the production and makes all the decisions and ways to control the · The command economy provides survival, value in work, stability, equality and care and economic resources for all its members, young, sick, disabled, and the old. The command economy is much stable then the market economy. One reason command economy is more efficient than a market economy is because the command economy focuses on providing survival for its people. All Essay about economics in the philippines The Phillippines' Economy Over the past few years, the Philippines' economy has undergone a remarkable blogger.comt research and find out the impact of energy economics on the chosen industry The Philippines economy is the world’s 43rd largest in the world as of " Journal of Policy Modeling vI ordered two papers and received perfect
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