Yes, It is relatively safe for women, however, certain precautions are advised.
Women should wear modestly in Delhi because the city is a conservative society. Shoulders and knees must be covered, and there should be no cleavage. It's alright to be less modest when it's expected (like as a nightclub), but cover up outside the venue.
It's impossible to ignore the fact that most foreigners stick out, so try to blend in as much as possible. As a woman, I usually take a dupatta (light scarf) with me; it's a very practical Indian fashion accessory that can be utilized as a covering for the head, shoulders, and chest, as well as a shawl when it's cool.
Avoid walking alone at night and avoid rickshaws and taxi taxis. Instead, utilize a ride-sharing service such as Uber or Ola. Use the women's carriage and avoid riding alone after 9:00 p.m. if traveling the subway. You may also order a trip through Women With Wheels, a taxi service run by women for women.
Women should use caution during the Holi event (also known as the Color event), which is held in March. The streets get congested, and there are many inebriated males out. In Delhi, you may safely celebrate and play Holi at a private party or event hosted by your hotel or embassy.