New Delhi: The number of women borrowers availing of retail credit has increased at a massive compounded annual rate of growth (CAGR) of 22 percent between 2019 and 2024, the media reported.
According to a recent report of the NITI Aayog, it reflects a major shift in financial behaviour, with women leveraging credit increasing for both personal and professional goals.
Their share in business loans and gold loans also increased, as has credit supply to women in business sectors. Sixty percent of the women availing credit were from rural and semi-rural areas.
The research indicated that women entrepreneurs need continuous support throughout the critical stages of their entrepreneurship journey to ensure survival, growth, and profitability.
The Aayog also observed that women living in non-metro regions are monitoring their money better than those from the metro regions.
The number of women self-monitoring their credit scores has grown by 48 percent in non-metro regions and by 30 percent in metro areas.
Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Telangana accounted for 49 percent of all self-monitoring women, with the southern region leading at 10.2 million. Northern and central states, including Rajasthan, Uttar Pradesh, and Madhya Pradesh, saw the highest CAGR among active women borrowers over the past five years, the report said.