Many studies on women's group-based development interventions raise important questions on the heterogeneity of impacts caused by differences in group functioning, the sustainability and evolution of groups and the characteristics that differentiate those that are self-reliant and capable of being agents of social change. This study aims to lay the framework for a multidimensional metric that is informed by theory and the current role played by women's groups, determined by established methodology and validated by data. Three potential indices and the best weighted index score are identified based on traditional reliability and validity tests conducted on using cross-sectional group level data from a survey of 170 SHGs in Odisha, India. The main contribution on the identified index is in enabling comparisons of SHGs promoted by different SHPIs in different contexts and thus opens up the possibility of effective consolidation of existing programs and groups, as is being attempted in countries like India. Given its multidimensional nature, the index developed in this study allows scope for further validation, refinement and expansion to suit multiple needs.