Women’s Economic and Social Participation on the Rise: hold 39.2% of bank accounts

The Ministry of Statistics and Programme Implementation’s report, Women and Men in India 2024, highlights significant progress in women’s economic and social participation. Women own 39.2% of bank accounts nationally, with higher rural representation (42.2%) and growing DEMAT account ownership. Female entrepreneurship has surged, with startups led by women rising from 1,943 in 2017 to 17,405 in 2024. Political participation has improved, with female voter turnout surpassing male turnout in 2024. Education and workforce participation rates show steady progress, driving gender-sensitive policy insights.

The Ministry of Statistics and Programme Implementation (MoSPI) has released its latest publication, Women and Men in India 2024: Selected Indicators and Data. This 26th edition offers an in-depth exploration of gender trends across vital domains such as education, health, economic participation, and decision-making, drawing data from diverse government sources. The report sheds light on women’s growing role in the financial and entrepreneurial sectors, as well as their persistent challenges in achieving equity.

Women’s Growing Presence in Banking and Finance

According to the report, women now own 39.2% of all bank accounts in the country, a figure that rises to an impressive 42.2% in rural areas. This statistic underscores women’s increasing financial inclusion, particularly in traditionally underserved communities. Women also contribute to 39.7% of total bank deposits, reflecting their growing economic participation.

The data also highlights a surge in DEMAT accounts, signaling an increased involvement in stock market investment. Between March 2021 and November 2024, the number of DEMAT accounts skyrocketed from 33.26 million to 143.02 million—a more than fourfold increase. While male account holders continue to outnumber their female counterparts, the number of female accounts has grown significantly, climbing from 6.67 million in 2021 to 27.71 million in 2024.

Rise in Female Entrepreneurship

The report spotlights an encouraging trend in female entrepreneurship, with more women taking on leadership roles in businesses across various sectors. The share of female-headed proprietary establishments in manufacturing, trade, and services has steadily risen over the past three years. Moreover, the number of startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) that have at least one woman director increased dramatically, from 1,943 in 2017 to 17,405 in 2024.

Political Participation and Voting Trends

India’s electorate has grown substantially over the decades, from 173.2 million voters in 1952 to 978 million in 2024. The report highlights a notable rise in female voter registration, alongside a narrowing gender gap in voter turnout. In 2024, female voter turnout reached 65.8%, slightly lower than the 67.2% recorded in 2019. However, for the first time, female turnout has surpassed male turnout, signifying progress in gender equality in political participation.

Education and Labour Force Participation

The Gender Parity Index (GPI) at the primary and higher secondary levels remains consistently high, indicating strong female enrolment in education. While fluctuations were observed at the upper primary and elementary levels, the GPI remained close to parity, reflecting ongoing efforts to ensure equal access to education.

On the employment front, the Labour Force Participation Rate (LFPR) for individuals aged 15 years and above improved significantly, climbing from 49.8% in 2017-18 to 60.1% in 2023-24. This data underscores women’s increasing participation in the workforce, although disparities persist in certain sectors.

A Resource for Gender-Sensitive Policy Development

The publication serves as a vital resource for policymakers, researchers, and other stakeholders. By analyzing socio-economic indicators and highlighting key trends, Women and Men in India 2024 provides actionable insights to drive gender-sensitive policies that promote sustainable and inclusive development. While the report celebrates advancements in gender equality, it also draws attention to areas that require further intervention to bridge persistent gaps.

Conclusion

The findings from Women and Men in India 2024 reaffirm the strides India has made toward gender equality while emphasizing the need for continued efforts. Women’s growing presence in banking, entrepreneurship, and political participation is a testament to their resilience and determination. However, sustained focus on education, workforce inclusion, and equitable policies will be crucial for ensuring comprehensive progress.

This article is based on data from the Ministry of Statistics and Programme Implementation’s publication, "Women and Men in India 2024: Selected Indicators and Data."