Climate change poses unique challenge for women in India, which is aggravated by socio-economic and cultural inequalities. Though gender-specific climate finance and gender-responsive climate action aim to promote equity in climate-hazard mitigations, the aim of these two approaches are different. Gender-responsive climate action is a comprehensive method that considers gender as a whole in all aspects of climate policies, finance and decision-making. On the other hand, gender-specific climate finance focuses exclusively on financial aspects and policies designed to benefit women to curb gender inequalities in climate adaptation and mitigation. This paper reviews existing literature and presents works that highlight the research gap on gender-specific climate finance in India. The study examines the limited integration of women-specific considerations into climate finance policies, the lack of targeted financial strategies, the identification of uncharted areas in current frameworks, and the exploration of global best practices for their plausible adaptation in India. It highlights the serious challenges such as financial illiteracy among Indian women, their inadequate representation in climate governance, socio-economic and cultural obstacles, and inadequate or no investment in women-led climate initiatives in India. The present work proposes precise interventions to bridge these gaps, including exclusive funding mechanisms for women-led projects, grassroots capacity-building programs, and incentives for women-centric financial mechanisms. These approaches can improve climate policies, and enhance equality by nurturing women's leadership in climate hazard mitigation and resilience. The study emphasizes the pressing need for synchronized policy frameworks aligned with the Sustainable Development Goals, principally SDG 5 and SDG 13.