why isn't there 'master style' menu in essential graphics panel anymore?
The word Master has some negative connotations due to a sad history of oppression in many cultures. The feature itself is still there though and functionality has not changed at all. It's just called "Styles" now and here is an illustration showing where to find it in the EGP.
hi Misbaah! Master Styles are now called Styles (or Track Styles for Captions). The change of the terminology is part of Adobe's bigger initiative of making our apps more inclusive to all users. For more information on this change, please see here: https://helpx.adobe.com/x-productkb/multi/terminology-changes-video-products.html