New Delhi, July 9 -- Globally, decades of research have shown that income placed in the hands of women generates far larger household welfare gains than equivalent money given to men. India is testing this at an unprecedented scale. By 2025-26, more than 15 states had unconditional cash transfer schemes for women, costing roughly Rs.1.7 trillion and reaching almost 120 million beneficiaries.

Yet, rigorous evidence on what these transfers achieve beyond political optics has been scarce. We examined the Mukhyamantri Majhi Ladki Bahin Yojana in Maharashtra and Subhadra Yojana in Odisha to understand how such transfers affect household finances.

Both schemes were introduced in 2024. Odisha's Subhadra Yojana provides Rs.10,000 annually in tw...