Essay on Demonetisation
Demonetisation is a government policy that intends to remove a specific currency from circulation. India’s recent demonetisation policy is hotly debated for its diverse pros and cons from its initial implementation to its implications for the economic future of the nation. Students would be interested in writing an essay on this fascinating and pertinent topic and may consider how other countries may also profit from replicating this intricate monetary move.
How to Start an Essay on Demonetisation
If you want to write an essay on demonetisation, you should focus on a specific thesis or points only and have clear goals. For instance, if you prefer to produce an argumentative paper on the relevance of India’s demonetisation policy, you can do so after conducting research and forming balanced opinions. However, if your goal is to simply provide an objective report of the current strengths and weaknesses of the policy, you may also adopt a detached tone of writing. It is important to have goals and thesis or scope to define the boundaries of your paper and craft a coherent and relevant essay for a specific audience. The article will discuss how to write an essay on the goals, existing occurrences as well as problems, and opportunities for India’s demonetisation policy.
2.1. Example of introduction
The introduction should define demonetisation first and how it has been applied in India. It should be interesting through having a great hook and succeeding background information on the beginnings and goals of demonetisation. Finally, end the paragraph with the thesis or blueprint for the entire essay.
Below is an example:
“Will India’s demonetisation carve a better future for the nation, or is this a recipe for an economic recession? Demonetisation is an economic policy wherein the government decides to remove a particular currency unit out of monetary circulation. In other words, the target currency will soon lose its validity as a kind of legal tender. Last November 2016, Narendra Modi, India’s Prime Minister, televised a rare demonetisation policy where present notes of 500 and 1000 rupees would be demonetised. Modi stressed that the move aimed to achieve important objectives, specifically reducing terrorism financing, curbing corruption, and inhibiting tax evasion through black money. While demonetisation produces problems due to lack of proper transition, it presents opportunities for India’s shift from a digital economy that will help achieve Modi’s policy objectives and possibly launch the nation as the model of a successful cashless market.”
How to Write Body for an Essay on Demonetisation
3.1. Example of 3 Body Paragraphs
To write the body, you must follow the flow of your thesis. Organise each paragraph according to the points made in the thesis. Ensure that each paragraph has a topic sentence and sufficient evidence and arguments afterwards to support the former. Likewise, end each sentence with a mini-conclusion for the paragraph and produce a transition either in this part or at the beginning of the next paragraph.
3.1.1 2nd Paragraph
Here is an example of the second paragraph that talks about the problems with implementing the demonetisation policy.
“Because of the immediate implementation of demonetisation, India evidently experiences current cash and transaction problems. The short-term policy effects are chaotic. Banks recalled their retired employees to help with the significant workload. In fact, lines have gone beyond one kilometre for many urban branches. Banks and the public are having a hard time meeting the demand for cash. Several industries are affected, especially those that use cash more than electronic transactions, such as small traders, luxury stalls, and retailers. Consumers and business people alike are still adjusting from learning how to use cashless systems and accessing electronic payments.”
3.1.2 3rd Paragraph
The third paragraph should discuss the opportunities and gains in the long run from demonetisation.
The example is below:
“While the transition to a cashless economy is difficult, demonetisation creates new winners and presents important gains. For one, the financial technology sector is booming. Mobile and electronic wallet companies have seen a record rise of 1,000% in their transactions since the policy was applied. More banks and businesses are also embracing electronic and digital payment systems. India may soon become the first country to truly be cashless and digital which means tremendous business opportunity when Indian companies sell their knowledge and systems to other nations.”
3.1.3 4th Paragraph
The fourth paragraph offers recommendations to existing challenges.
See example below:
“Demonetisation cannot be achieved overnight but troubles can be eased through sufficient government and commercial sector support. The government already provides temporary tax exemption to help people get into the new economy with less difficulty. However, it should do more by providing guidelines for sectors and consumers on how to adopt cashless transactions and access new payment systems. In addition, the private sector should collaborate in creating quick short-term solutions as they prepare for lasting payment changes. Working together, they can determine solutions to new and future problems, which are vital short-run successes that will inspire long-haul perseverance.”
How to Conclude an Essay on Demonetisation
To conclude the essay, you should summarize the main points and end with an engaging idea or call to action at the end. Paraphrase the primary arguments and findings and follow it with a remarkable final impression. Make your audience think in the end but always focus on the topic.
4.1. Example of Conclusion
“The road to successful demonetisation is fraught with difficulties but they can be overcome through unity between diverse sectors and the public. Presently, banks and business people as well as consumers are not fully prepared to take on the immense impact of losing certain currencies on everyday business transactions. However, they can deal with the backlog through support from the government and each other, especially in terms of devising a responsive technological framework. With sufficient collaboration, they can achieve the policy goals of reducing terrorism financing, corruption, and tax evasion and turn India into a successful cashless economy in the long run. If India becomes the precedent for a digital economy, it can reap economic benefits from its experience and infrastructure that it can sell to other foreign companies and nations. Today, India may seem bewildered with the policy implementation but tomorrow, it can be the global leader of successful demonetisation campaigns.”
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