Women's Reservation Bill:

Women's Reservation Bill the 108th Constitutional Amendment Bill is a Pending bill in Parliament. 

What the bill Proposes?

Reserving 33% of total seats for women in the Lower house of the parliament i.e Loksabha and in all the State Legislative assemblies.

Current Status:

It was passed by Upper house i.e Rajyasabha in 2010, Loksabha is yet to Vote and then after approval it will come to effect.
Women's Reservation bill has come a long way from 1996 till date but still is holding the fate of many pending bills. 

Earlier Developments in Women's reservation:

1/3rd of seats reserved for women in Panchayat and Municipal bodies through 73rd and 74th amendments.
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Note:

Several reasons have been given by Various Govt's till date that the bill could not be passed because lack of political consensus.
Women's reservation bill is the only bill which could not become an act even after a clear parliamentary majority for it. 
There are several Examples of bills becoming law despite severe opposition to them in parliament like POTA Act to name.

Its only Lack of Political will in the floor of the house, though every party says in public  that its in favor of the bill......

Few political parties oppose the bill in its present form on the ground that it will benefit only the Upper class women...

Though this is partially true, there are always chances for changing the provisions of any law, so this can also be modified, Based on practical conditions,..

Some Argue that only influential will avail its benefits.

Initially we might see that women with family background of political class can make use of the law...
but over a period of time with greater awareness definitely all class women will make better usage of the provisions

Eg: Though we have a Dynasty politics model in most states and at Central govt level... Not every body has great political background Eg: Mamata Banerjee 

Some practical solutions suggested by experts is that at the party level woman could get reservation,
But the closer observation in any set of conditions can be said that every condition has Negative as well as Positive results, better way out is to Pass the bill first Then modify it based on Real time experiences.

Learning from failure is Much better than doing nothing...

Even in the most Advanced countries like United States Women representation in Legislatures is just 17%, even in Japan representation is not encouraging. 
But in countries like Mozambique with lot of civil wars and unrest women constitute about 30%.

Looking at the International examples it can be said that Economic progress scientific advancement can not always provide Political Empowerment for women.....

Such laws Encourage women to be the active participants in the Law making process and in all dimensions of national Stage...

Source: The Hindu news paper and Internet.