Women claim financial control as entrepreneurship expands

As India once again marked International Women’s Day, a quiet but consequential shift is underway in the country’s financial landscape. It is not unfolding only in boardrooms or the corridors of policymaking. Instead, it is taking shape in households, small offices, digital banking apps and entrepreneurial ventures — wherever Indian women are increasingly taking charge of financial decisions that shape their lives and businesses.

A new study by DBS Bank India, conducted in collaboration with Deloitte Touche Tohmatsu India LLP, provides compelling evidence of this transformation. Among female entrepreneurs surveyed across urban India, 69 per cent now identify themselves as the primary decision-makers in financial matters. The statistic is more than just a data point; it signals a significant shift in economic agency.

For generations, financial decision-making in India remained tied to patriarchal structures. Even highly educated women often ceded control over investments, banking relationships or long-term financial planning to spouses or family elders. The emerging numbers suggest that this dynamic is gradually changing. Women entrepreneurs, in particular, are asserting ownership not only of their businesses but also of the financial strategies that sustain them.

What makes this finding even more striking is the context. Women who start and scale businesses in India often navigate structural barriers — ranging from limited access to formal credit to uneven mentorship networks. Yet despite these challenges, the data suggests that entrepreneurial women are increasingly confident in steering financial decisions themselves. Interestingly, the report also finds that confidence grows with experience. Older entrepreneurs and high-net-worth women display greater autonomy in financial decision-making, indicating that financial agency deepens over time as exposure to financial systems and market realities expands. Another notable insight relates to how women evaluate financial institutions. For urban Indian women, credibility is no longer defined merely by proximity or convenience. Instead, global connectivity has become a decisive factor. Nearly 89 per cent of female entrepreneurs and 84 per cent of high-net-worth women say a bank’s international footprint influences their choice of banking partner. This preference is already reflected in behaviour, with most of these women banking with institutions that have global networks.

This trend mirrors the evolving ambitions of women-led enterprises. Increasingly, women entrepreneurs are not building businesses solely for local markets. They are thinking about cross-border trade, international investment and access to global ecosystems. In that sense, their expectations of banks reflect the aspirations of their businesses: outward-looking, scalable and globally connected. Yet the report also highlights an important reality: capital alone is not enough. Female entrepreneurs are seeking a broader support ecosystem. Nearly half of those surveyed value peer advisory networks, while many look for sector-specific mentorship and stronger investor connections. These signals suggest that women-led enterprises are moving beyond survival mode toward growth mode, where knowledge, networks and credibility matter as much as credit.

The study also reveals an interesting contrast across India’s diverse female workforce. Rural women earners report greater confidence in managing day-to-day finances, even though their engagement with digital financial tools remains limited due to connectivity issues, concerns about online fraud and unfamiliarity with financial apps. Meanwhile, entrepreneurs show the highest adoption of digital payments and banking tools, reflecting how technology is enabling greater business agility. Across all groups, however, the message is clear: Indian women are no longer passive participants in financial systems. They are active navigators.

This shift carries implications far beyond gender equity. When women control financial decisions, household investments often prioritise education, healthcare and long-term security. When women entrepreneurs gain financial agency, businesses diversify and local economies become more resilient. India’s growth narrative has long celebrated its demographic dividend and entrepreneurial spirit. But another dividend is quietly emerging — the rise of financially empowered women who are reshaping how money is managed, invested and mobilised. The numbers suggest that this transformation is already underway. The challenge now is to ensure that institutions, markets and policies keep pace with the ambitions of the women driving it.