The announcement was made during a session at the ongoing Jaipur Literature Festival (JLF) at the Diggi Palace here.
According to the Oxford dictionaries, the word has been derived from Sanskrit and is used today to symbolise women "taking charge of their lives".
"March 2018 recorded a large spike in the use of 'Nari Shakti' as discussion arose around the Government of India's Nari Shakti Puraskar (Women Power Award) held on the International Women's Day," they said in a statement.
"Nari Shakti encapsulates the spirit of our times, with all its struggles, challenges and triumphs," Gokhale, who is also the director of JLF, said.
Oxford had named 'Aadhaar' as its Hindi word for the year 2017.