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ET Graphics: Women and transgender subscribers expand India’s NPS footprint
ET Bureau | January 27, 2026 5:57 AM CST

Synopsis

As an expert panel reviews the NPS investment framework, women are increasingly powering the scheme's subscriber base. Female subscriptions outpaced male growth in several states, with Karnataka, Maharashtra, Tamil Nadu, Uttar Pradesh, and Andhra Pradesh leading in overall female subscribers. This trend highlights widening participation and inclusion within the NPS.

As the government sets up an expert panel to review the National Pension System (NPS) investment framework, the scheme’s subscriber base is increasingly being powered by women.

Female subscriptions rose faster than those of men across several states, with Karnataka, Maharashtra, Tamil Nadu, Uttar Pradesh and Andhra Pradesh leading in overall female subscribers in 2024-25.

While a few regions saw a dip in women’s enrolments, the broader trend indicates widening participation and inclusion, also reflected in the steady rise in NPS subscriptions among transgender individuals. Anoushka Sawhney takes a look:


Rise in subscriber base

NPS adoption

Growth

Higher returns

NPS

Karnataka


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