It is often true that the media has become corrupt.  Once, there was a code of ethics and journalism which major media companies would never go against.  In today's rapidly changing world, those ethics are also changing and shifting.  Some media companies may be acting out of greed, but others are not.  They are simply giving the public what they want.  The ethics and journalistic standards are changing because the people are changing.  Media must change and adapt just like everything else in our environment.

This is true in many countries.  It is basically a problem of greed.  The media is an importnat idea.  People should know what is going on.  However, often the media does act irresponsibly due to greed and lives are ruined because of it.

An important business that has sprung up in the last twenty years is that of Media Fact Checking. Independent websites and researchers try to hold news organizations accountable for the news they report; when they report false news or trump up non-stories, people get the wrong impression of what is and is not important. I expect these organizations exist in India as well as the U.S.; check these links for more information.

http://www.factcheck.org/about/

http://www.politifact.com/about/

http://www.realclearpolitics.com/about.html

I know little about matters in India, but I suspect that many people share your concerns that the media should try to have as positive an influence on any society as possible.  Such influence can be achieved in many ways, of course, just as there are numerous kinds of media.  The news media, for instance, seem to have an obligation to report genuine facts as much as possible.  When they provide perspectives on important personalities and events, those perspectives should ideally be as diverse as possible. If mistakes are made in reporting, those mistakes should be freely admitted. The news media, in particular, seem obligated to help educate citizens and to help provoke genuine thought.