Discussion on gender equality and women’s empowerment has gained momentum in recent decades and is acknowledged as a critical component of economic development of any country. Gender parity is a key objective of the sustainable development goals (SDGs), which aim to remove poverty, safeguard the planet and ensure peace and prosperity for all by 2030. Although there has been gradual improvement over the years, no country has yet attained full gender parity. Even the top ten economies have managed to close only about 80% of their gender gaps. Women continue to face numerous challenges within society and organisations that hinder their ability to fully contribute in the economic growth (World Economic Forum, Global gender gap 2024). Advancing gender equality is particularly significant for India, as it holds the potential to bring substantial economic growth and broad-based prosperity. A report by McKinsey reveals that closing gender gaps in India could significantly enhance the nation’s economy, potentially increasing its GDP by $700 billion by 2025. Women represent a vast, untapped resource that remains underutilised due to the lack of parity in business, society and other arenas (Woetzel et al., The power of parity: Advancing women’s equality in India, 2015). Their inclusion in business brings diverse perspectives, improved innovation, and better decision making. Women’s participation in the labour force also enhances household income, leading to financial independence and higher standards of living. Moreover, gender parity challenges traditional gender roles and stereotypes, which fosters a more progressive and inclusive society. Underscoring the importance of gender parity for sustainable economic growth, this chapter aims at unleashing the potential of women by assessing their impact on economic growth in developing economies such as India. This research work is conceptual in nature and based on the review of the existing literature. It concludes by suggesting some measures to improve the gender parity and women’s empowerment which is crucial for sustainable economic development.