This lady is probably a courtesan or tawaif. She would be accomplished in the arts of music, dancing and poetry and would entertain the men of the court, particularly in Moghul India. Her elegance and expensive gold-embroidered veil show her high status.
Company School style paintings became popular with wealthy Europeans. It was not uncommon for East India Company officials (who were not employed as medics or botanists) to build their own personal collections of paintings depicting Indian life and flora and fauna. We cannot be sure how local amateur botanist Richard Cresswell came by this collection of 86 Company School works. It is possible Henry Creighton commissioned them during his time as a judge in Calcutta and that on his death the works came back to the UK with his daughter Frances who later married Richard Cresswell.