A free press is one of the key pillars of democracy. The discourse in favour of press freedom thus usually emphasises constitutional rights, democratic accountability and the public's right to know. While there is no detracting from these principles, a new report by UNESCO, the International Fund for Public Interest Media and DW Akademie makes another case that deserves equal attention: independent journalism is an economic asset. The report argues that journalism improves public service delivery, reduces corruption, strengthens investor confidence, counters costly disinformation and makes countries more resilient during crises. It estimates that every dollar invested in investigative journalism can generate more than 100 dollars in public savings through recovered funds, better governance and reduced corruption. Countries that experience a decline in press freedom also suffer a 1-2% reduction in real gross domestic product growth. This evidence shifts the debate from abstract, albeit significant, ideals to measurable public value.

Press freedom is also a prerequisite for sustainable economic growth. The economic consequences of restricting the press are visible across continents. In Uganda, the publication of school-funding allocations in newspapers sharply reduced leakages in public spending; investigative reporting in South Africa's notorious Gupta Leaks helped recover tens of millions of dollars and triggered wider institutional reform; Brazil demonstrated that local media scrutiny increased electoral accountability after corruption audits; research from Norway found that journalists uncovered a quarter of all fraud cases in that nation. Conversely, the closure of local newspapers in the United States of America has been linked to weaker public oversight, higher municipal deficits, greater corporate misconduct and even increased pollution. The costs of information disorder are equally severe. Global losses from disinformation are estimated at between $350 billion and$500 billion annually. Credible journalism remains among the strongest defences against falsehoods that distort markets, undermine public confidence, and weaken national security.

India has strong reasons to treat these findings seriously. The country ranked 151st out of 180 nations in the 2025 World Press Freedom Index published by Reporters Without Borders. This position reflects persistent concerns — transgressions — in the shape of State intimidation, violence against journalists and shrinking editorial independence. But a rapidly growing economy cannot rely on weak information systems. Investors, businesses and citizens benefit when public decisions are scrutinised and corruption is exposed early by the press. Restoring a free press requires legal safeguards against arbitrary criminal action, greater transparency when it comes to government advertising, stronger competition rules to prevent excessive media concentration and credible protection for journalists facing violence or harassment. That is one side of the spectrum. The other concerns economic measures that are equally important. Public interest journalism requires sustainable financing through independent media funds, tax incentives for local and investigative reporting, philanthropic support with institutional safeguards, and fair revenue-sharing arrangements between digital platforms and news publishers.

The UNESCO report broadens the argument in favour of the press. Idealism and commitment to democracy matter. But what matters equally is the utilitarian — economic — imperative to unshackle the press.