Fortune India MPW 2026: You cannot have a Viksit Bharat without empowering women, says Maharashtra Governor Jishnu Dev Varma

Women are playing an increasingly pivotal role in India's emergence as one of the world's most influential nations, and their empowerment will be indispensable to achieving the vision of a developed India, Maharashtra Governor Jishnu Dev Varma said at the 16th edition of Fortune India's Most Powerful Women (MPW) 2026 event.

Addressing the gathering, the Governor said women today are contributing across sectors and geographies, with leadership no longer confined by social or regional boundaries. From villages and small towns to metropolitan cities, women are stepping into leadership roles and helping shape India's economic and social transformation, he said.

Women at the heart of Viksit Bharat

"You cannot have a Viksit Bharat by ignoring 50% of the population," Dev Varma said. "Nor can it be achieved without the empowerment of women living in tribal areas and villages. There is a huge task ahead, and it is about bringing about that change meaningfully."

Describing power as difficult to define, he said women possess the unique ability to transform lives and inspire communities, making them central to India's development journey. He added that empowering women is essential for building a resilient and sustainable society, and called for creating an ecosystem that enables them to succeed.

Financial inclusion driving entrepreneurship

Drawing from his experience as a minister in Tripura, where he oversaw the Rural Development portfolio, Dev Varma said the rise of self-help groups has transformed the entrepreneurial landscape for women.

He recalled that banks were once reluctant to extend credit to women running small businesses. "Today, banks are more than eager to lend because the non-performing asset (NPA) rate among women entrepreneurs is less than 1%," he said, highlighting women's strong credit discipline and repayment record.

The Governor said the changing approach of financial institutions reflects growing confidence in women entrepreneurs and underlines the importance of expanding access to finance for women-led enterprises, particularly in rural India.

Dev Varma reiterated that inclusive growth cannot be achieved without ensuring equal opportunities for women across the country. He said governments, financial institutions and industry must work together to create an environment where women entrepreneurs can scale their businesses and contribute more significantly to India's economic progress.

Prior to assuming office as Governor of Maharashtra, Dev Varma served as Deputy Chief Minister of Tripura between 2018 and 2023, overseeing key portfolios including Finance, Power, Rural Development, Planning, Science & Technology and Civil Aviation.