A Comparative Study of Financial Inclusion and Socio-Economic Empowerment of Women Entrepreneurs: Evidence from Urban and Semi-Urban Areas of Maharashtra

Financial inclusion has emerged as a key driver of women’s economic empowerment in developing economies. In India, especially in Maharashtra, rapid expansion of banking services (e.g. Jan Dhan Yojana accounts), microfinance through self-help groups (SHGs), and digital payment platforms (UPI) has created new opportunities for women entrepreneurs. This paper presents a comparative analysis of financial inclusion and its impact on the socio-economic empowerment of women entrepreneurs in urban and semi-urban areas of Maharashtra, using secondary data from 2020–2024 (RBI reports, NABARD, NSSO, MSME Ministry, etc.). The study identifies trends in women’s access to credit, usage of digital financial services, and participation in entrepreneurial activities. Two hypotheses test whether financial inclusion significantly influences women’s entrepreneurship and whether urban–rural disparities persist in empowerment outcomes. The findings are expected to inform policy debates on strengthening inclusive finance models and enhancing the sustainability of women-led enterprises across diverse regions of the state.