Beyond Credit
My new study of 240 women-led self-help group enterprises across 12 Indian states finds that loans are not what separates the businesses that grow.
Innovation, Market Access and the Scalability of Women-Led SHG Enterprises in Rural India
I built an SHG Enterprise Scalability Index from nine measures: revenue, growth, profitability, market reach, innovation, digital adoption, employment, formalisation and institutional links.
In my models, innovation, market access and digital adoption were linked to growth and profit. Formal credit was not a significant predictor of high scalability. I argue for support built around market linkages, digitalisation and growth-stage finance rather than credit alone.
Only 1 in 13 enterprises is highly scalable
Share of 240 SHG enterprises by scalability tier, %
Source: Y. Dahiya, “Beyond Credit,” working paper, 2026. Survey of 240 enterprises in 12 states, Feb–Apr 2026.
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