Women’s Bank Account Ownership Surges in India
A recent government report reveals that women in India now own 39.2% of all bank accounts, with an impressive 42.2% ownership in rural areas. The Ministry of Statistics and Programme Implementation (MoSPI) published these findings in its latest report, “Women and Men in India 2024: Selected Indicators and Data,” highlighting significant advancements in gender equality across various sectors.
Key Findings on Bank Accounts and Deposits
The MoSPI report indicates that women not only hold a substantial percentage of bank accounts but also contribute to 39.7% of the total deposits in India. This trend is particularly pronounced in rural regions, where women’s ownership of bank accounts reaches 42.2%. The report emphasizes the growing financial independence of women, showcasing their increasing role in the economic landscape of the country.
Furthermore, the report highlights a remarkable surge in women’s participation in the stock market. The number of DEMAT accounts held by women has skyrocketed from 6.67 million in March 2021 to 27.71 million by November 2024. While men still dominate the numbers with 115.31 million accounts, the female demographic’s growth is noteworthy, reflecting a shift towards greater financial engagement among women.
Rise in Female Entrepreneurship and Employment
The report also sheds light on the increasing number of female-headed proprietary establishments across various sectors, including manufacturing, trade, and services. From 2021 to 2024, the number of such establishments has steadily risen, indicating a positive trend in female entrepreneurship.
In addition to entrepreneurship, the Labour Force Participation Rate (LFPR) for individuals aged 15 and above has improved significantly, climbing from 49.8% in 2017-18 to 60.1% in 2023-24. This increase signals a growing presence of women in the workforce, contributing to the overall economic development of the nation.
Political Engagement and Voter Turnout
The report also highlights advancements in women’s political engagement. The total number of electors in India has surged from 173.2 million in 1952 to 978 million in 2024, with a notable increase in female voter registration. Female voter turnout reached 67.2% in the 2019 elections, slightly declining to 65.8% in 2024. Despite this dip, the gender gap in voting has narrowed, with women surpassing men in voter turnout during the recent elections.
Educational Attainment and Gender Parity
In the realm of education, the Gender Parity Index (GPI) for primary and higher secondary levels remains consistently high, indicating strong female enrollment. Although some fluctuations were noted at the upper primary and elementary levels, gender parity has largely been maintained, showcasing the progress made in educational access for women.
The “Women and Men in India 2024” report serves as a crucial resource, providing insights into the advancements in gender equality while also highlighting ongoing challenges. By analyzing key socio-economic indicators, the report aims to support the development of gender-sensitive policies that promote inclusive and sustainable growth in India.
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