An analysis by the Economic Advisory Council to the Prime Minister (EAC-PM) evaluates the socio-economic impacts of cash transfer schemes (in Maharashtra and Odisha) to women with annual family income below Rs 2.5 lakh.

• Majhi Ladki Bahin Yojana (Maharashtra): Provides a monthly direct benefit transfer of Rs 1,500 (Rs 18,000 annually) to eligible women aged 21 to 65.
• Subhadra Yojana (Odisha): Provides a biannual transfer totaling Rs 10,000 per year to eligible women aged 21 to under 60.

Key Findings of Report

• Financial Security: Significantly increased women's savings (up 84% in Maharashtra and 45% in Odisha) and monthly spending (up 46% and 28%, respectively). 
• Financial Autonomy: E.g. Odisha’s Subhadra yojna led to spending decisions independent of family’s financial status. 
• Financial Inclusion: Accelerated use of digital platforms e.g.  UPI due to direct bank transfers. 
• Spending Quality: Women used the extra income to upgrade their spending toward welfare-improving categories like lifestyle, healthcare, and education.

Policy Recommendations by EAC-PM

• “Cash-Plus" Framework: Combining the financial support with capacity-building, digital literacy, and linkages to Self-Help Groups (SHGs).
• Strengthen Targeting: Ensuring no deserving woman is excluded while removing ineligible users.
• Moving toward outcome-based transfers: Such as children's nutrition-based outcomes.
• Periodic Review: To align with inflation and evolving household expenditure patterns.