Role Of Media To Change Socio-Economic Status By Covering The Demonetisation: A Study

Abstract

Abstract

Narendra Modi, Prime Minister of India, announced the move of demonetization on November 8, 2016, where 86% of the currency in circulation was invalidated overnight. The Prime Minister also claimed that the action would curtail the shadow economy, reduce the use of illicit cash, and control illegal funding activities. The previous instances of demonetization in India during 1946 and 1978 were minor compared to the 2016 move. It was interesting that major newspapers like Dainik Jagran, The Hindu and Business Line were given more coverage on it. There was an evaluation in the depth of media reporting and analysis after the announcement of demonetization. The press, TV, radio, online and social media struggled to get on top of demonetization. After the glow of this success, demonetization too was initially seen positively by the mass media and media experts. They described it as one more surgical strike against corruption, black money, curbing the illegal goods sales, human trafficking, counterfeit currency and finances for terrorists, Maoists and Naxalites.

On the basis of media coverage, 20% of black money was suddenly recovered. The Enforcement Directorate raided several money laundering activities, and tax collection also increased. For example, the Greater Hyderabad Municipal Corporation collected 160 crore rupees in taxes within the first four days of the demonetization. According to The Economic Times report, transactions in e-wallet companies increased by more than 700% in the first phase after demonetization. ASSOCHAM reported that the 154 crore Indian ewallet market is likely to grow to 30,000 crores by the end of 2022. The insurance industry in India is undergoing a digitally enabled transformation. As the use of smart digital services and intuitive products increases, the cashless economy, digital payment, insurance industry and digitization rapidly developed after demonetization.

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