NITI Aayog has released a report on Monday, "From Borrowers to Builders: Women’s Role in India’s Financial Growth Story."
It highlights the increasing financial participation of women in India. CEO BVR Subrahmanyam launched the report, revealing that more women are seeking credit and tracking their credit scores. By December 2024, 27 million women were monitoring their credit. This marks a 42 per cent rise from the previous year and reflects growing financial awareness.
The report was published by NITI Aayog’s Women Entrepreneurship Platform (WEP), TransUnion CIBIL, and MicroSave Consulting (MSC). At the launch, Subrahmanyam stressed the importance of financial access for women entrepreneurs. He said the government recognises finance as a key enabler for women’s entrepreneurship. WEP continues to promote financial literacy, credit access, mentorship, and market linkages.
“To ensure equitable financial access, a collective effort is needed. Financial institutions must create inclusive products for women. Policy initiatives should also address structural barriers. Under WEP, the Financing Women Collaborative (FWC) has been formed to achieve this goal. We invite more financial sector stakeholders to join this mission,” he said.
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Anna Roy, Principal Economic Adviser at NITI Aayog and Mission Director of WEP, highlighted the benefits of women’s entrepreneurship. “Encouraging women’s entrepreneurship boosts workforce participation. It also promotes economic growth. This could create jobs for 150 to 170 million people,” she said.
The report shows that women’s share of self-monitoring credit rose to 19.43 per cent in December 2024, up from 17.89 per cent in 2023. More women from non-metro regions are monitoring their credit. Growth in these areas reached 48 per cent, compared to 30 per cent in metro areas. Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Telangana accounted for 49 per cent of all self-monitoring women. The southern region led with 10.2 million. Northern and central states, including Rajasthan, Uttar Pradesh, and Madhya Pradesh, saw the highest growth in women borrowers over five years.
Since 2019, women’s share in business loan origination has risen by 14 per cent. Their share in gold loans has grown by 6 per cent. By December 2024, women made up 35 per cent of business borrowers. Challenges remain, such as credit aversion, poor banking experiences, and collateral issues. However, with rising credit awareness, financial institutions have an opportunity to develop gender-focused financial products.
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