Economic Survey 2023-24: Women’s Labour Force Participation Rises to 37%

New Delhi: The Economic Survey 2023-24, tabled in Parliament today by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman, underscores significant strides in women’s economic empowerment in India. The survey highlights that increased access to education, skill development, and targeted initiatives have notably elevated women’s participation in national development.

Rural India Leading the Way

The Economic Survey reveals that the Female Labour Force Participation Rate (LFPR) surged to 37% in 2022-23 from 23.3% in 2017-18, driven largely by advancements in rural areas. The Pradhan Mantri Jan Dhan Yojana (PMJDY) has been instrumental in this progress, with 52.3 crore bank accounts opened, of which 55.6% are held by women as of May 2024.

Empowering Women Through SHGs and Financial Schemes

The Deendayal Antyodaya Yojana-NRLM’s Self-Help Groups (SHGs) program has made a substantial impact, covering over 89 million women through 8.3 million SHGs. The program has been linked to improvements in women’s self-esteem, education, and participation in village institutions, alongside better access to government schemes.

Encouraging Trends in Women Entrepreneurship

The survey also highlights the role of government schemes in fostering women entrepreneurship. Under the Pradhan Mantri Mudra Yojana (PMMY), about 68% of loans have been sanctioned to women entrepreneurs, while 77.7% of beneficiaries under Stand-Up India are women as of May 2024. Moreover, the Digital India initiative has seen over 53% of beneficiaries under the Prime Minister’s Rural Digital Literacy Campaign (PMGDISHA) being women as of July 2023.

Asset Ownership and Gender Equity

The Economic Survey emphasizes the importance of asset ownership for women, particularly through initiatives like the PM AWAS Yojana, which aims to improve female ownership of newly constructed houses as a step towards greater gender equity.