It's the first time Fortune has compiled a list for India, proving women are increasingly making their mark in this patriarchal society
By Nita Bhalla
NEW DELHI (TrustLaw) - Prominent magazine Fortune has for the first time listed India's 50 most powerful women, proving that women in the conservative, patriarchal country are, despite the odds, increasingly making their mark in every field of business.
The Indian edition of November's magazine listed bankers, industrialists, management consultants and media and IT professionals among its most influential women in business in the country today.
"Indian women span generations and today we find them in every field," said Fortune India’s editor Dibyendra Nath Mukerjea.
"(They are involved in) acquisitions, garnering profits, successful new ventures, pioneering concepts, snagging mega deals ... all important factors, no doubt, when defining power."
Chanda Kocchar of ICICI bank was ranked first, with Shikha Sharma of Axis Bank and Mallika Srinivasan of TAFE (manufacturer of tractors) in second and third place respectively.
India’s economic liberalisation, which began in the early nineties, has helped the South Asian nation achieve near-double-digit growth over the last five years, making it the continent’s third largest economy.
The rapid emergence of the corporate sector and the spread of higher education among girls have meant that more women than ever are taking up professional positions in companies.
But a June study found that while more women were gaining managerial positions in business, few were able to break through the glass ceiling and secure jobs with real power.
Professional women in India, it said, not only faced attitudinal challenges from men, but also problems within their organisations such as a lack of gender policies to accommodate the domestic pressures on them.
In many Indian households, married professional women live with their in-laws and are expected to look after the home and their children as well manage the cooking and cleaning.
Their families often view their professional jobs as a means of income, rather than a career. As a result, there is a prevailing mindset that women are less committed to work and end up compromising their work for their home life.
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