By: Tejnarayan Thakur
In the heart of Imphal stands Ima Keithel — not merely a marketplace, but a living symbol of the resilience, intelligence and economic strength of Manipuri women. Popularly known as the “Mother’s Market,” Ima Keithel is widely recognised as the largest all-women market in the world. For centuries, this historic market has been sustaining thousands of families while quietly teaching lessons of financial management, entrepreneurship and economic discipline through everyday practice. Ima Keithel is the place where Manipuri Women Have Practised Financial Wisdom for Centuries
Long before modern business schools and financial institutions emerged, the women of Ima Keithel were already practising budgeting, saving, investment, credit management and profit planning through their daily lives. Every stall in the market represents not just a small business, but a story of discipline, responsibility and survival. In many ways, Ima Keithel can truly be called a grassroots school of financial management.
Believed to be more than 400–500 years old, the market traces its roots back to the period of the Meitei kings during the Lallup-Kaba system, when Manipuri men were often sent away for military and state duties. Women then stepped forward to take responsibility for trade and economic activities. What began as an economic necessity gradually evolved into a powerful institution of women-led commerce that continues to thrive even today.
At present, nearly 4,000 to 5,000 women vendors, affectionately known as Imas, run businesses in the market every day. According to customary practice, only married women are allowed to own stalls, and these rights are traditionally inherited from mother-in-law to daughter-in-law. This unique system ensures that not only the market seat but also generations of financial knowledge, business skills and social responsibility are passed down within families.
The present concrete structures of Ima Keithel, constructed during 2003–2004, are divided into three major sections —(i) Leimaral Sidabi Ima Keithel, (ii) Emoinu Ima Keithel and (iii) Phouoibi Ima Keithel. These sections accommodate a wide variety of products including vegetables, fruits, fish, handloom and handicrafts, traditional attire, bamboo products, spices and household goods. Behind every product sold lies careful planning and financial calculation.
The market day at Ima Keithel begins long before sunrise. Many women travel from nearby villages carrying goods purchased with limited capital. Before entering the market, they already calculate transportation costs, expected demand, competition and probable profit. With small investments and no formal management degrees, these women practise working capital management with extraordinary efficiency. Their ability to sustain business through rotating daily capital is a remarkable lesson in financial planning.
Pricing at Ima Keithel is itself a practical classroom in economics. The vendors constantly balance affordability for customers with profitability for themselves. Bargaining, one of the most familiar features of the market is not merely a cultural interaction but a real-time exercise in financial negotiation. Every transaction requires quick mental calculations, market awareness and decision-making ability. The Imas also demonstrate one of the most important principles of finance — cost control. Most vendors operate with very limited resources, yet they minimise unnecessary expenditure and manage their businesses with discipline. Their earnings are carefully divided into different purposes: reinvestment for the next day’s business, household consumption, children’s education, healthcare and savings. This daily allocation of money reflects practical budgeting and financial management at the grassroots level. For example, a woman selling vegetables in Ima Keithel may begin her day with a small amount of money borrowed or saved from previous earnings. After purchasing vegetables from local farmers and selling them throughout the day, she separates part of her income for the next day’s capital, keeps some for household expenses and deposits the remaining amount into a bank account, self-help group or Marup — the traditional community-based saving system of Manipur. Through this disciplined routine, she gradually builds financial security for her family despite limited income.
The tradition of Marup deserves special recognition in understanding the financial culture of Manipur. Long before modern banking became common, Marup taught Manipuri women the value of saving, lending and financial cooperation. Women contribute fixed amounts regularly and members receive financial assistance whenever needed. Beyond money, Marup strengthens trust, social bonding and mutual responsibility within the community. It is a fine example of indigenous financial management rooted in collective support and discipline.
Another remarkable feature of Ima Keithel is its trust-based informal credit system. Many vendors procure goods on credit and repay suppliers later without formal written agreements. Business transactions continue smoothly because honesty, reputation and mutual trust are highly valued. This reflects the importance of ethical business behaviour and financial credibility — qualities essential in every economic system.
Despite its traditional character, Ima Keithel has also adapted itself to changing times. Today many women vendors accept digital payments through UPI and mobile banking. QR codes displayed beside traditional handloom products and vegetable baskets represent a unique blend of tradition and modernity. The willingness of the Imas to embrace digital finance shows their adaptability and growing participation in financial inclusion.
Beyond commerce, Ima Keithel also represents social and economic empowerment. The market has historically played an important role in Manipuri society, including during the historic Nupi Lan movements of 1904 and 1939, when market women protested against colonial policies and economic exploitation. The courage and leadership displayed by these women transformed the market into not only an economic institution but also a centre of social consciousness and collective resistance.
For students of commerce, policymakers and young entrepreneurs, Ima Keithel offers lessons that no textbook alone can teach. It demonstrates how financial management is deeply connected with discipline, responsibility, community trust and practical experience. It shows how small-scale enterprises can sustain families and strengthen local economies when managed wisely.
Ima Keithel is therefore far more than a marketplace. It is a living institution of indigenous financial wisdom where generations of women have mastered the art of saving, budgeting, investing and entrepreneurship through daily practice. The market continues to sustain thousands of families and remains one of the strongest symbols of women-led economic resilience in India. Recognising Ima Keithel as a school of financial management is not only a tribute to Manipuri women but also an acknowledgement that some of the most valuable lessons in finance are learned not inside classrooms, but in the everyday struggles and determination of ordinary people.”In an age where finance is often taught through books and theories, Ima Keithel continues to prove that true financial wisdom is also born from experience, discipline and the enduring strength of Manipuri women.”
(The author is Research Scholar, DM University, Dept. of Commerce. Writer can be reached at: tejnarayanthakur48@gmail. com)
