As Kamat and Mahesh had briefed rightly, Yellow Journalism refers to negligent, unrealistic and a kind of flamboyant reporting of news without regards to facts. As one could easily spot the difference between normal and yellow journalism, the former one adheres to ethics whereas the latter one is more into misrepresenting and concealing truth behind the news.
The question pops up "Why is the type of journalism tagged to the color 'Yellow' ". The reason being, "war" between Pulitzer's paper the New York World and William Hearst's New York Journal. During 1896, many cartoons were getting published in newspapers. However, Pulitzer started creating a new cartoon under the name 'Yellow Kid' with the help of cartoonist Mr.Outcault. Out of rivalry and competition, Hearst pulled Mr.Outcault to his side offering him more perks. Thus various versions of 'Yellow Kid' started floating around between two newspapers. Yellow Kid became a buzz word later on and paved way to sensationalize stories. Yellow was assumed to be derived from it and hence 'Yellow Journalism'.
If you ask about its practice in India, I would say 'Yes' its being practiced since couple of decades. I can cite examples like portrayal of news "Amitabh's rebirth" after his normal illness and continuous coverage of his travel from home to hospital and back which is totally ridiculous and just done to grab TRP ratings.
The onus lies with media persons to oblige and pursue moral ethics before reporting any fake overcooked news as they are one of our pillars of democracy.
"Stay Hungry, Stay foolish".