The Economic Survey 2023-24 presents a promising picture of women’s economic empowerment in India, revealing a notable 13.7% increase in female labour participation over the past six years.
Female labour participation has increased by almost 14% in the last six years in the Indian economy and the unemployment rate is declining, the Economic Survey 2023-24 highlighted. According to the survey, the unemployment rate dropped to 3.2% in 2022-23.
The Economic Survey 2023-2024 highlighted the economic empowerment of women and notes that increased access to education and skill development, as well as other initiatives for women’s empowerment, have elevated the participation of women in the nation’s development and progress. The Economic Survey 2023-2024 was tabled in the Parliament by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman.
With rural India driving the trend, the Economic Survey observes that the female Labour Force Participation Rate (LFPR) rose to 37 percent in 2022-2023 from 23.3 percent in 2017-2018. The Pradhan Mantri Jan Dhan Yojana (PMJDY) has facilitated the opening of 52.3 crore bank accounts, of which 55.6 percent of account holders are women, as of May 2024.
Acknowledging the encouraging wave of women entrepreneurship fueled by Start-up and Stand-up India, the Survey points out that around 68 percent of the loans have been sanctioned to women entrepreneurs under Pradhan Mantri Mudra Yojana (PMMY), and 77.7 percent of the beneficiaries under Stand-Up India are women, as of May 2024.