Women constitute half of the total population, yet their participation in higher education has been growing slowly, especially in the STEM field. The participation of females in higher education has grown in the last two to three decades. As far as post-graduate education and research education are concerned, the educational development of the female gender is not up to the mark if compared with their male counterpart. Besides, the lack of financial assistance to females in India, by the household and the government both, contributed to the state of affairs of females in higher education in India. The study here tried to examine the role of financial assistance given to females in higher education for postgraduate and research education by the central government through its various agencies and institutions. Through statistical analysis, it has also been probed to find out the relationship between the two variables and how they impact each other. The study is located to the Indian context in general, and a case of backward states such as Bihar and Madhya Pradesh has also been analysed in particular.