annals of art, culture & humanities · impact of demonetization.… 37 | p a g e when the news...

S.R.S.D. Memorial Shiksha Shodh Sansthan, Agra, India

UGC Sl. No. 64548

Abstract

On November 08, 2016, Prime Minister Mr Narendra Modi announced on Live

Television about the historic step of demonetization. Demonetization is an act in which, the old

currency circulating in the economy is replaced with new currency .This measure was taken as

the current government was interested in eradicating corruption , black money, to curb crime

and terrorism and to reduce inflation. Also this step was taken so that India could move towards

a more cashless and digitalized economy. The present study focuses on selectiveness of news in

highlighting this issue and the impact of demonetization on the country. This is a quantitative

study of two newspapers, Indian express (English) and Dainik Jagran (Hindi).In this study a

comparative analysis is undertaken to study the social, political and economic impact of

demonetization. The methodology used is content analysis. This study reflects on this

revolutionary step and its implications on the society. Even though demonetization has led to

political gains for the ruling political party but overall the economic implications are mixed.

This comparative study analyses the role of print media in highlighting the social, economic and

political impact of demonetization on society. It also discusses about digitalization and cashless

economy in the context of demonetization. .

Key words: Social, Political, Economic, corruption, digitalization, cashless.

Introduction

Media plays a significant role in our society in the present scenario. It is all around us,

from the shows we watch on television, the music we listen to on the radio, to the books and

magazines we read each day. Television, more than any of the other media, achieves myriad

different goals.

The mass media today encompasses newspapers, books, radio, television, cinema,

Internet, email and fax. Although the use of the Internet and email seem to be recent phenomena,

the other media have co-existed for many decades. While the media has historically been viewed

as being overly aggressive and insatiable in their plight for the latest and hottest news, their

watchdog function is essential in a democratic society where people must know what their

governments are doing.

ANNALS OF ART, CULTURE & HUMANITIES

A Peer Reviewed Refereed Research Journal

ONLINE ISSN-2455-5843 Volume III, Issue I, Februray 2018, pp. 36-49

UGC Sl. No. 64548

Impact of Demonetization: A Comparative study of Indian Express and Dainik Jagran

*Dr Shruti Singh (PhD, Dlit-JNU), Pooja Dureja(MA)& Merin Thomas(MA)

*Associate Professor, Amity Institute of Social Sciences

Amity University, Noida, U.P., India

AACH, Vol. III, Issue I, February 2018 ONLINE ISSN-2455-5843

Impact of Demonetization.… 37 | P a g e

When the news of Demonetization broke in, media played an important role in updating

us about the impact of demonetization throughout that period. Demonetization is the act of

stripping a currency unit of its status as legal tender. It occurs whenever there is a change

of national currency. The current form or forms of money is pulled from circulation and retired,

often to be replaced with new note or a new form of payment is restored as legal tender.

There are multiple reasons why nations demonetize their local units of currency- to

combat inflation, to combat corruption and crime like counterfeiting, tax evasion to discourage a

cash-dependent economy or to facilitate trade.

In India, demonetization took place on 8th November 2016, the Indian government

decided to demonetize the 500 and 1000 rupee notes, the two biggest denominations in its

currency system. These notes accounted for 86% of the country’s circulating cash. With little

warning, India's Prime Minister Narendra Modi announced to the citizen that these notes were

worthless, effective midnight and citizens had until the end of the year to deposit or exchange the

500 and 1000 rupee notes for newly introduced 2000 rupee and 500 rupee notes.

The official announcement was made that the citizens of India had time to deposit and

exchange the old currency in banks and post offices. However, besides banks and post offices

there were some other establishments that were allowed to accept the old demonetized Rs.500

and Rs.1000 currency denomination. It included some establishment like healthcare,

transportation, public utility providers, consumer cooperative societies, milk booths, burial

grounds, fueling stations of public sector oil marketing companies and foreign currency countries

(for foreign tourists) at airports. (Gol 2016)

There was a huge chaos post the amendment in the cash-dependent economy (some 78%

of all Indian customer transactions are in cash), as long, lines were formed

outside ATMs and banks, which had to shut down for a day. The new rupee notes have different

specifications, including size and thickness, requiring re-calibration of ATMs. Only 60% of the

country’s 200,000 ATMs were operational. Even those dispensing bills of lower denominations

faced shortages. The government’s restriction on daily withdrawal amounts added to the misery.

Small businesses and households struggled to find cash and reports showed daily wage workers

were not able to receive their dues surfaced. The rupee fell sharply against the dollar.

Demonetization has been the biggest economic measure that India has seen post-

Independence. It had social, political and economic impact on the society. While focusing on the

political effect of Demonetization its impact is clearly visible on the upcoming elections in

various states of the country. The ruling political parties used demonetization to portray itself as

fighting corruption and label those in opposition, who opposed demonetization as being corrupt

and as protecting the rich black money holders. Demonetization made the political funding

difficult for the political parties. The post demonetization effects in fact, showed as Bharatiya

Janata Party had won elections in Uttar Pradesh.

For the economy to grow the Prime Minister was very much aware that in order to win

general elections he needs to create more jobs, for which India needs double digit growth by

increased productivity and economic activity through cheaper loans, which is possible with more

http://www.investopedia.com/terms/c/currency.asp

http://www.investopedia.com/terms/l/legal-tender.asp

http://www.investopedia.com/terms/n/national-currency.asp

http://www.investopedia.com/terms/i/inflation.asp

http://www.investopedia.com/terms/t/taxevasion.asp

http://www.investopedia.com/terms/a/atm.asp

http://www.investopedia.com/terms/b/bank.asp



money deposited with banks right now and thus enhancing more trade and business. But post

demonetization Indian economy has slowed down , where its GDP which grew at 7.6% in 2015-

16 was reduced by .5 - 1.5% post- demonetization period. This is due to less availability of cash

in cash-intensive sectors like manufacturing and real estate. Even the automobile industry which

was growing rapidly earlier has seen a contraction in the October-December quarter of 2016.

Purchasing power of consumers has been negatively affected due to cash not being readily

available.

In what follows, an attempt is made to present a comparison on the findings between the

two newspapers, findings about which newspaper focused on demonetization more, had more

number of news on demonetization and number of social, political and economic news.

Review of Literature

According to Harcharan Bains (pp13, Tehelka, December 31st, 2016) ―Cashless will be

king as digitalization makes inroads‖ through this it is very much clear now that the government

no longer has to put its hand in everybody’s pockets to monitor where the money goes after it

leaves the mint. Digital money will give the state control over everyone’s wallet.

Prime Minister Narendra Modi is pushing India through monetary asceticism which

could lead the country to becoming ―cashless paradise‖. In the words of Narendra Modi,(pp18,

Tehelka, November 30th, 2016) ―I assure you the Government is unwavering in its effort to

create an India that is corruption free and fruits of development touch every citizen.‖

So, also Anna Hazare (pp18, Tehelka, November 30th, 2016) puts it, ―this revolutionary

step will curb black money, corruption and terrorism to a large extent. The previous governments

never showed the will to crackdown on black money. The present dispensation has taken a bold

step and this will strengthen the democracy‖

―Still cursing the monster of demonetization?‖ In this article by Yashica Jalhotra (pp 56,

Tehelka, December 15th, 2016) mentions that it’s been many day since the currency has taken

place in India but people are still facing many troubles, empty pockets and long queues.

Demonetization may have affected us in the sense of anger, frustration, or confused but your

state of mind has no impact on government. It has taken a decision and you need to follow it

willingly or unwillingly. Thus, The overnight changes in the whole currency in India have done

more damage to the common man as compared to the injury being done to black money holder.

Similarly, According to Tehniyat Aqsa (pp 6, Tehelka, December 15th, 2016),it was clear

that Demonetization brings with it the problems too. The government move to demonetize 500

and 1000 notes has put the general public across the entire country into a tight spot. People have

no other option left rather than to stand in queues outsides banks, nearby ATMs and petrol

pumps. And this is a kind of torture to all the women particularly suffering from ill health and

also senior citizens are affected.



However, despite having large amount of money in the bank accounts, parents of children

who were about to marry their kids suddenly becomes cashless and helpless. This is because

government had restricted the money that can be withdrawn from bank. Also, there were

increasing reports of violence and deaths which are witnessed during this time. In fact, The

incidents of snatching and running away with someone else money have also multiplied. In fact,

due to frustration of cash crisis and related chaos in the society more and more people were

committing suicide.

According to M Kumar, (pp7, Tehelka, December 15th, 2016), the idea of eradicating

corruption by the withdrawal of Rs.1000 and Rs. 500 notes is a temporary measure. As over a

period of time corrupt people will again hoard black money with their new practices.

Further, Hitendra Shah (pp7, Tehelka, December 15th, 2016) points out that, the

politicians, ministers, political parties, Member of Parliament,Member of Legislative

Assembly, government servants, public servants, judge’s police and mafias etc. are always

creating problems in the society. These heavily corrupt peoples have all the black money in India

and foreign lands. They have huge quality of gold, silver, platinum, diamonds, bonds and

Benami properties in India. Together, they have around Rs. 5,000lakh crores of black money in

India. However, none of them are seen in the queue so far for exchanging, depositing or

withdrawing money at banks or ATM. So, Modi, Bharatiya Janata Party and NDA do not have

any vision and direction for doing well for poor and middle class people of the country. The

move hasn’t unearthed black money. However, it has harassed general public.

According to, TS Karthik, (pp 7, Tehelka, December 15th, 2016) Prime Minister

Narendra Modi urged the youth to take a pledge to be part of mission to make India a cashless

society. So, to bring revolution in the society and reshape the destiny of the nation youth can be

considered as a soldier of change. This was the great opportunity by Prime Minister Narendra

Modi, that young ones should teach their senior how to use technology to make online payments.

With this, we have to travel less; we can save time, energy and thus save on fuel. But we must

make sure that cashless society does not make us an exercise less society.

According to Dr. Vinay Verma, in his article (pp 26 , Tehelka, December 15th, 2016)

―Could the government have done this better?‖ points out that there is no doubt demonetization

will bring lot of benefit in the short and long run. However, people faced many trouble and

hardship during its implementation; we need to look that if there is a better way to implement the

same. If these Steps before announcing demonetization would be taken than it would have been

more successful. These steps are First, RBI should have printed more Rs.100 notes and pushed

them into circulation before the implementation of demonetization. Second, All jewelers have

been forced to declare their stock of gold and keep records of all sales after demonetization was

implemented. Third, Professional money laundering firms should have been caught, so that they

cannot convert black money into white once demonetization is implemented.

While focusing viewpoint on India’s Marie Antoinette Moment by Anand Teltumbde.(pp

10-11, Economic & Political Weekly, January 7th, 2017). It is clear that there is a huge mass



misery and deaths due to cash crunch caused by demonetization, Narendra Modi asked people to

go for digital transactions and overtook Marie Antoinette, who had asked people suffering due to

widespread bread shortages, to eat cake. The drama of the war against black money, terrorism

and counterfeit currency through demonetizing the 500 and 1,000 notes has completely exposed

the political unscrupulousness of the Bharatiya Janata Party. So, Far from catching those with

black money, demonetization opened new avenues of making black money. The new ploy of

promoting digital transactions is nothing short of rubbing salt on the wounds of millions of the

working class.

Modi has given people with his theatrical skills , giving them many slogans like ―digital

India,‖ ―make in India,‖ ―start-up India,‖ ―swachh Bharat,‖ ―sabka saath, sabka vikas,‖ etc. but

he could not deliver on any of his promises. The cashless economy is the most fantastic of these

slogans that he has come up with just to distract public attention from the catastrophic effects of

demonetization. Can India really be a cashless, or even as Modi corrected himself later, less cash

economy in the near future?

Further Anand Teltumbde, refers to the MasterCard report on Measuring Progress toward

a Cashless Society (Thomas 2013) categorized countries into four classes: inception (where cash

accounts for 90% or more of all consumer transactions), transitioning (where cash transactions

account for 80%–90% of consumer payments), tipping point (where cash transactions account

for 55%–71% of consumer payments) and advanced (where nearly everyone has at least a debit

card and merchant acceptance is nearly ubiquitous).

According to this report, India is placed in inception category at only 2% of consumer

payment transactions done using non-cash methods as compared to the advanced category cases

of Singapore (61%), Netherlands (60%), France (59%) and Sweden (59%).

While we stress on the conditions it is noticed that there are a total of six crore debit cards

and 2.5crore credit cards. This is not the infrastructure for 1.3 billion people to go cashless. The

security infrastructure required for digital transaction is still not up to the mark, which does not

induce confidence even in educated people to transact online. Today, 95% of all transactions take

place in cash and only 4% people do online shopping, most of which with cash on delivery. So,

it’s likely purely day-dreaming.

Basically, digital or physical, it is a question of money which majority of people simply

does not have. Digital money may suit Modi to gain political mileage, hyping it as development,

but it should be understood that there is no essential difference between physical and digital

money, insofar as they both constitute a liability for the issuer and operates as a transferable

claim in transaction mode.

Then why is Modi after a cashless economy? Cashless economy makes it difficult for

many in informal economy to escape the tax net and significantly adds to the indirect taxes when



the goods and services tax is implemented. The government will now have complete control over

people because they can now be profiled with their transaction data and targeted for effective

surveillance. It directly benefits digital wallet companies like Paytm and others. The space has

already attracted many players, but in the long run, the winners would be those platform-gateway

companies which also sell data. Like, Reliance can surely be named because its Jio strategy

catapults it to be the lord of the digital world. The vast majority however will be forced to buy

data over aata (ration).

The post demonetization effects show that ―digitalization is not panacea, nor is cash all

bad; public policy must balance both.‖ it is necessary that public policy must balance benefits

and costs of both forms of payments. According to Bhaskar Chakravotri, (Editorial Page, Indian

express, January 21st, 2017) it is clear that wiping out 86 per cent of country’s currency, as in

India, is the equivalent of attacking a disease by irradiating the patient from head to toe.

Methodology

In this research we have used Content Analysis as a tool to study the newspapers and

understand the impact of Demonetisation. Content Analysis is the scientific study of content of

communication. It is the study of the content with reference to the meanings, contexts and

intentions contained in messages.

Holsti (1968) points out that, ―content analysis is any technique for making inferences by

systematically and objectively identifying specified characteristics of messages.‖Kerlinger

(1986) defined, ―content analysis as a method of studying and analyzing communication in a

systematic, objective, and quantitative manner for the purpose of measuring variables.‖

According to Krippendorff (1980), ―content analysis as a research technique for making

replicable and valid inferences from data to their context.‖

In this research method that is content analysis there are some basic principles which we

follow. They are:

1. Objectivity: it means that the analysis is done on the basis of explicit rules, which enable

different researchers to obtain the same results from the same documents or messages.

2. Systematic: it indicates that all the material relevant to the organization must be analyzed, not

just a selection designed to support a preferred hypothesis.

3. Generalizability: The results obtained by the researcher can be applied to other similar

situations..

4. Quantitative technique: content analysis is a quantitative technique as it aims to establish the

frequency with which certain categories or themes appear in the material investigated. This

quantitative dimension is enhanced by assigning numerical values to category or themes

frequencies and is a basic characteristic of the method

One of the important applications of the method was systematic analyses of advertisements in

newspapers and magazines to draw useful inference on national culture, as well as media

preferences of advertisers (Auter and Moore, 1993; Wang, 1996).



Similarly, television, radio, and movies offer rich sources of material for content analysis.

Many scholars have noticed changes in women’s roles, sexual behavior and health, and violence

by analyzing the content in television and movie messages (Head, 1952; Lowry, 1989; Olson,

1994).

Furthermore, studies using content analysis usually involve the following six steps:

1. Formulation of the research question or objectives

2. Selection of communication content and sample

3. Developing content categories

4. Finalizing units of analysis

5. Preparing a coding schedule, pilot testing and checking inter coder reliabilities

6. Analyzing the collected data

To sum up, we can say that content analysis is a useful research technique for analyzing and

examining large bodies of text. It presents us with the objective guidelines in the coding of the

text and hence we can draw inferences from the data. It helps in the coding of the text according

to systematic and objective rules. A successful content analysis study is the outcome of a series

of good decisions.

Findings and Conclusions

In this study Impact of Demonetization, the content analysis of the two newspapers has

been done. The dates of the English newspapers were from 9th January,2017 to 15th

January,2017 and the dates of the Hindi newspapers were from 10th January,2017 to 16th

January, 2017. A total of seven days news of Hindi and English newspapers were analysed for

the study. Both the newspapers were national dailies.

The Total number of news in Dainik Jagran, the Hindi newspaper and Indian Express the

English newspaper were one thousand four hundred one, the total number of English news was

five hundred and ninety six and Hindi news was eight hundred and five. Out of the total number

of stories analyzed Indian express constitutes about forty three percent and stories of Hindi

newspaper Dainik Jagran was fifty seven percent. The below mentioned Table 1 indicates the

same.

Table 1



Further, to understand demonetization and its social, political and economic impact, the stories

were categorized into three main themes they were social, political and economic themes.

Out of the total five hundred ninety-six stories in English newspaper in Indian Express, the news

were further subdivided into :

1) Social theme - one hundred thirty-four stories

2) Political theme - one hundred forty-six stories

3) Economical theme - one hundred ten stories

4) Others - two hundred six stories

The below Table 2 represents the social, political and economic themes in English Newspaper

Indian Express, social stories constitutes twenty two percent, political twenty five percent,

economic eighteen per cent and others thirty five percent. This clearly reflects that the political

theme in the Indian Express newspaper was more emphasized.

Table 2

Out of the total eight hundred five stories in Hindi newspaper in Dainik Jagran, the news were

subdivided into

1) Social theme - one hundred sixty-three stories

2) Political theme - two hundred twelve stories

3) Economical theme - seventy-one stories

4) Others - three hundred fifty-nine stories



In the Table 3 below, we can see that in Dainik Jagran Hindi newspaper social stories constitute

twenty percent, political twenty six percent, economic nine percent and others forty five percent.

Therefore wholistically similarity in emphasis on political news in national dailies in Indian

Express and Dainik Jagran were emphasized more.

Table 3

Out of five hundred ninety six stories, about eight percent stories were specifically on

demonetization in Indian Express. This can be seen clearly in Table 4

Table 4

Out of eight hundred five stories, six percent of the stories were specifically on demonetization

in Dainik Jagran. This can be seen clearly in Table 5



Table 5

Overall we can clearly see that during this period both the national dailies English newspaper

and Hindi newspaper emphasis on Demonetization were same. The English newspaper was 8%

and Hindi 6%.

In the below Table 6 on Distribution of news on demonetization in English newspaper,

Indian Express, out of total forty nine stories on demonetization, the social stories constitute twenty

one percent , political fourteen percent and economic sixty five percent.

Table 6

In the below Table 7,Distribution of news on demonetization in Hindi newspaper, Dainik Jagran

out of the total fifty-one stories on Demonetization, the social news on demonetization constitute

thirty five percent, political twenty percent and economic is forty five percent..



Table 7

At macro level the distribution of news in Hindi and English newspaper was 6% and 8%

respectively. Thus both focus equally on demonetization news during this seven day period. Also

in both the newspaper the economics of demonetization was emphasized as compared to the

social and political news on demonetization. Overall the economic impact of demonetization was

emphasized by both the newspaper.

In fact highlights from the newspaper Indian express shows how the following stories

will be having an impact on economy. Arun Janardhanan in the story titled “35% job losses,

50% revenue dip, says study by largest organization of manufacturers”(pp 1-2, Indian Express,

January 9th, 2017) stated that in the first thirty four days since demonetization, small scale

micro industry suffered a lot.

According to All India Manufacturers Organization (AIMO) it was found that there was a

drop in employment of 60 percent and loss in revenue of 55 percent before March 2017. In fact,

the study stated that most of the small scale industries and various enterprises were badly hit and

stand still. The main reasons for all this were: zero cash inflow, rules curtailing cash withdrawal,

choked fund raising options, inability of banks to work on proposals, fear among foreigners,

inadequate preparedness, and uncertain status of Goods and Services Tax.

Furthermore, to deeply understand economic impact of demonetization on society, in the

article, ―High costs, meagre gains‖(pp 14, Indian Express, January 10th, 2017) Amartya Lahiri

and Devashish Mitra states that far from curbing the black money and corruption,

demonetization has disrupted the economy. The greatest negative output and employment

effects have been on the heavily cash dependent informal sector which accounts for 80 per cent

of employment and 45 per cent of GDP.

According to a recent Washington Post article, the demonetization exercise has

negatively impacted various small and medium -size industries, which in total employs 80million



workers that have been affected deeply. In fact, another negative impact has been its

implementation since it was manifested in the chronic shortages of new notes. Through the

above stories from the newspaper Indian express stressed on economic impact of

demonetization.

However, if we focus on social impact it was also far deepening and greater, though less

than the economic. The social impact of demonetization was severe, harsh and oppressing that

can be noticed by the problem that people faced at the time of marriages when demonetization

took place as people were only allowed to withdraw Rs. 2,50,000/ only. This created huge

inconvenience to the people who were getting married in November and December, 2016.

As the information on demonetization was suddenly announced it had a great impact on common

man.

Due to demonetization in fact there were educational institutions that have faced great

challenges along with parents of the children studying in school, as people were forced to do

online transactions. In the article ―Note ban bitter pill with good after effects‖ puts by Naidu (pp-

7, Indian Express, January 12, 2017) he says that whenever some transformation takes place,

whenever a radical step is taken, there will be some effects, side effects and after effects. But the

after effects will be very good. According to him, when money comes in the system back, tax

base will increase and burden will reduce. This will reflect the society in future and thus have

social impact on society.

In fact, through this story we can see how societies were impacted due to demonetization,

the highlights from ―Indian express‖, showing how cashless economy is being encouraged.

In this article ―Cashless Dangal: enjoy wrestling bouts today, reward favorites digitally‖ by Hina

Rohtaki (pp 11, Indian Express, January 10th, 2017) it was shown that the bank accounts and

Aadhaar numbers of all the 18 national level wrestlers participating in the dangal are already up

on the administration’s Cashless Dangal 2017 App. A fan who is wishing to reward his favorite

wrestler will also need to download the App, and transfer the money through an e- wallet.

Nobody was allowed to come with a single rupee in his pocket. In fact, people who wish to

shower money on wrestlers even if it is a very small amount, will do so in a cashless manner,

―the home secretary added‖. Also, the prizes too will be transferred digitally.

Further the political aspect on demonetization can be analyzed through the following

stories.Abantika Ghosh puts it, ―Note ban helped farmers avoid fizul karchi: BJP Kisan

Morcha‖.(pp-6, Indian Express, January 11, 2017) The demonetisation has not inconvenienced

farmers, in fact, it has helped cut down on wasteful expenditure such as lavish weddings and

alcohol. So demonetization is trying to reduce wasteful fizul karchi or wasteful expenditure.

Thus, in conclusion we can say that Central government’s recent decision to demonetize

the high value currency is one of the major steps towards the eradication of black money in

India. The demonetization drive will affect some extent to the general public, but for larger

interest of the country such decisions are inevitable. Also it may not curb black money fully, but

definitely it has major impact in curbing black money to large extent. Hence demonetization was

an essential step towards curbing corruption.

The government was finding it hard to implement this policy. It had to bear the cost of

printing of the new currency notes. Government was also finding it difficult to put new currency



into circulation. The 2000 rupees note is a burden on the people as no one likes to do transaction

with such high value currency. Some critics think it will only help people to use black money

more easily in future. Lastly, this move by the government may not be a first, having being tried

by earlier governments as a tool to fight corruption. Such an action achieves larger significance

for a globally connected India as it shows boldness in tackling an issue which has remained a

thorn in the growth success story of this generation.

Thus this study clearly brings in that the social and political effect of demonetization was

more immediate in nature as the common man faced severe hardships during this period. Also

the political mileage that the ruling government received due to demonetization as it won

elections in the upcoming states. It is the economic impact of demonetization that hat has seen

the long lasting effects as the economy has slowed down with problems in unemployment that

will lead to severe social and political backlash in the coming times. But at the same time it has

promoted cashless and digitalization economy as compared to earlier, but how far this is a

successful step time will tell.

This study has its own limitations too as the study focusses on national dailies and

vernacular medium of newspaper is not taken into account. In the present day scenario the role of

vernacular medium cannot be ignored as its circulation is more than the English medium

newspaper. The presence and importance and significance of vernacular mediums in different

regions in the country cannot be ignored.

Also it is beyond the scope of this paper is to discuss the merits and demerits of the

policy or its implementations. But what emerged that the social and political dimension of this

policy had an immediate effect (short term effects) while the economic implications of this

policy is its long term effects.

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