Most Powerful Women in Business list: From boardrooms to policy halls - meet India's change makers

INDIA’S FINANCE MINISTER Nirmala Sitharaman presented her eighth consecutive Budget this year, a record. Sitharaman navigated the Indian economy during Covid-19 and ensured that it emerged relatively less impacted by the pandemic that felled even the mightiest economies. While she is a role model for millions, India’s business and economic landscape is now witnessing the emergence of several women who are making their mark across their spheres of work, impacting lives, and driving change, often in areas earlier seen as male bastions. Whether it is policymaking, manufacturing, healthcare, law, media, entertainment, and many other areas, women are driving the narrative like never before.

It is with this in mind that the much-awaited Fortune India Most Powerful Women in Business (MPW) listing this year has made an important change — expanding the list from 50 to 100 women achievers. We believe that a country as diverse and vast as India should celebrate more women doing groundbreaking work in their respective fields, and hence having an expanded list enables us to bring in more people whose work deserves to be celebrated. This year’s list is evidence that several women are breaking barriers and making a mark, inspiring millions to follow the road less travelled.

And yet, even as we celebrate these women achievers, there is work that remains to be done. There is a raging debate in the U.S. around diversity and whether that impacts meritocracy. I would urge you to read Ajita Shashidhar’s story on the diversity debate where leading voices explain why diversity, equity, and inclusion are critical for business and growth but also emphasise that this must be done in spirit and not as a tick-in-the-box activity. “A diverse and inclusive environment is deeply important to how we support and grow talent. It’s also crucial to build a business that reflects the societies and markets we serve,” Nisaba Godrej of Godrej Industries Group, who is a passionate ambassador of inclusion, tells us. Diversity done right, top corporate voices agree, is the way to go.

Meanwhile, despite the wins, India still has work to do in terms of gender. India still ranks 129 out of 146 in gender parity according to the World Economic Forum’s 2024 Global Gender Gap Report. These statistics emphasise why the MPW is even more critical in these times. Celebrating these achievers tells the world that there are people who are carving out their paths despite challenges, and that can inspire several others. The good news is that this change is taking place. The government’s Periodic Labour Force Survey shows that the rural female labour force participation rate has increased significantly by 23 percentage points to 47.6% between 2017-18 and 2023-24. That is why we need more achievers to lead the way.

As Chanel’s global CEO Leena Nair says, when women thrive, the world thrives. And Reliance Foundation’s founder and chairperson Nita Ambani says it loud and clear when she tells us: “Sixty years ago, my parents taught us that whatever boys can do, girls can too. That has stayed with me.” May India’s women power the Viksit Bharat ambition.