Through an analysis of the impact of two phases of a bio-agriculture and credit project of M. S. Swaminathan Research Foundation (MSSRF) in southern India, this article argues that there is no automatic link between agriculture and credit projects’ goals of increasing women's efficiency, reducing women's poverty, and women's empowerment. It posits that these links have to be consciously fostered through particular measures. Supporting women's economic efficiency as a means to further their empowerment must be differentiated from increasing ‘women's efficiency’ for other goals.