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Demonetization and its aftermath: an analysis based on twitter sentiments

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Abstract

Sentiment analysis has become a very useful tool in recent times for studying people’s opinions, sentiments and subjective evaluation of any event of social and economic relevance, and in particular, policy decisions. The present paper proposes a framework for sentiment analysis using twitter data for the ’demonetization’ effort of the Government of India. The paper employs twitter data using Twitter API. The methodology of the paper involves collection of data from twitter from different cities of India using geolocation and preprocessing followed by a lexicon-based approach to analyse users’ sentiments over a period of five weeks preceding the policy announcement. In addition to this, the paper also attempts to analyse the sentiments of specific groups of people representing diverse interest groups.

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Notes

  1. The Gazette of India Extraordinary, part II-Section 3-Sub-section (ii), Ministry of Finance (New Delhi: Controller of Publications, Government of India, and November 8, 2016).

  2. A joint study conducted by National Investigation Agency and Indian Statistical Institute estimates the value of fake currency notes to the tune of at least Rs. 4000 million between 2010–11 and 2014–15 (Rahul Tripathi, The Economic Times, November 15, 2016). Also see the replies to Lok Sabha Starred Question Number 41 on 18/11/2016, which puts the value of actual seizure of counterfeit notes between 2013 and September 2016 at Rs. 1550 million. Another Rajya Sabha Unstarred Question Number 3777 on 13th August 2014, Ministry of Home Affairs, reports that between 2011 and 30th June 2014 the total amount of seized currency notes is Rs. 838 million. The National Investigation Agency puts the value of fake currency notes at Rs. 160,000 million (The Indian Express, June 11, 2012).

  3. https://www.statista.com/statistics/278341/number-of-social-network-users-in-selected-countries (as on 10.07.2017).

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Acknowledgements

Das acknowledges the support from CSE-CSSSC Research Project on Capital Market funded by Calcutta Stock Exchange. However, the view or comment expressed in the paper is personal.

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Authors and Affiliations

  1. Computer Science Department, Dinabandhu Andrews Institute of Technology and Management, Kolkata, 700094, India

    Paramita Ray

  2. A.K. Choudhury School of Information Technology, University of Calcutta, Kolkata, India

    Amlan Chakrabarti

  3. Department of Statistics, University of Calcutta, Kolkata, India

    Bhaswati Ganguli

  4. Centre for Studies in Social Sciences, Kolkata, India

    Pranab Kumar Das

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  1. Paramita Ray
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  2. Amlan Chakrabarti
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  3. Bhaswati Ganguli
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  4. Pranab Kumar Das
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Correspondence to Paramita Ray.

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Ray, P., Chakrabarti, A., Ganguli, B. et al. Demonetization and its aftermath: an analysis based on twitter sentiments. Sādhanā 43, 186 (2018). https://doi.org/10.1007/s12046-018-0949-0

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