22 March 2025 | BW BUSINESSWORLD | 51 lines for women. Mandatory representation in decision-making roles must be enforced across industries. Financial inclusion is also key. Women and marginalised groups must have equal access to credit, entrepreneurship support, and investment opportunities. More initiatives like the Pride Fund by Godrej are needed to address economic disparities. Bridging the gender gap in STEM (science, technology, engineering, mathematics) is important. Vocational and digital literacy programs must be accessible to all in underserved areas. The government and corporations must also work together to implement large-scale diversity initiatives, ensuring gender balance in workforce participation and business ownership. Setting up Guardrails The flip side of the conversation is the tendency to understand equality as favouring one group. Gender equality, for example, does not mean promoting one gender at the cost of another. As younger generations step into society and workplaces, clear frameworks are needed to ensure genuine fairness. As delicate as the balance is, this aspect requires careful refinement in India. Those with ulterior motives must not misuse support systems for marginalised communities. A collaborative effort between the government and private sector is essential. A systemic approach is crucial. Policies and decisions must be grounded in real-life experiences. Investing time to understand the complexities of these issues is imperative. Without this, a single case of misuse can undermine the entire cause, fuelling scepticism and resistance. Getting the details right, anticipating bad actors, and implementing safeguards to ensure long-term, sustainable progress is critical. We are seeing misinterpretation gain momentum globally, particularly in the United States, where political leaders like Donald Trump have openly dismissed diversity, equality and inclusion initiatives. His administration previously rolled back workplace diversity training and criticised corporate efforts towards inclusion, emboldening similar resistance in other countries. When world leaders take such a stance, it influences corporate policies and public perception, making it even more critical to safeguard inclusive frameworks with clear intent and structured policies. Intent to Impact BW Most Influential Women is a step in line with creating an equal, more prosperous world. Women’s 18 per cent GDP contribution is a call to action. As India moves towards 2047, equality cannot be seen as a corporate responsibility program or a policy checkbox. It must be woven into the nation’s economic and social fabric, making equal opportunity the default setting rather than an exception. As one of the most effective ways to accelerate progress is by amplifying the stories of women who have redefined leadership across industries, BW Businessworld recognises over 300 women leaders each year through its platforms and communities. We applaud the legends and make a conscious effort to search for new heroes. These stories are not just celebratory. They serve as blueprints for future generations, showcasing how resilience, innovation and ambition can overcome systemic obstacles. We are seeing misinterpretation gain momentum globally, where political leaders like Donald Trump have openly dismissed diversity, equality and inclusion initiatives Photograph by Pikisuperstar
52 | BW BUSINESSWORLD | 22 March 2025 Most Inf luential Women n OPENING NOTE n Yes, there is more participation of women in economic activities in the country, but the real change would be when more women take up leadership roles across corporate India. Photograph by Zentro By Jyotsna Sharma MOST INFLUENTIAL WOMEN
22 March 2025 | BW BUSINESSWORLD | 53 E VERY morning, we are born again. What we do today is what matters most.” — Buddha Who comes to mind when you think about an influential woman? Most of us would straight away refer to Indira Gandhi, Sarojini Naidu, or even Mother Teresa. India has come a long way since and women have continued to accelerate the growth of the nation and affect positive change in society. The last few years have seen the number of women in the workforce increase. As per the Economic Survey 2024-25 tabled by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman in Parliament this year, the Female Labour Force Participation Rate (FLFPR) has increased from 23.3 per cent in 2017-18 to 41.7 per cent in 2023-24. This shows enhanced participation of women in economic activities across various categories and regions. We are now used to seeing women leaders in boardrooms of global companies. Women are not just surviving their professional careers; they are thriving. While this is true, the number of women in the top echelons of corporate India remains small. As per a 2024 KPMG report, 23 per cent of organisations now have 30-50 per cent women in leadership roles; 12 per cent have more than 50 per cent in leadership roles. A positive aspect is that 51 per cent of organisations have women at CEO/CXO levels. Though small, these numbers indicate progress but there is still a long way to go. Interestingly, the report found that more women than men aspire to reach the executive /senior director, C-suite level, but their progress is thwarted because of family responsibilities, gender biases and stereotypes at the workplace. Also, more men than women hired at entry level make it to leadership positions. It is essential for organisations to develop a culture of support and encouragement for women employees. Training programmes, mentorship, diversity, equity & inclusion (DE&I) policies will help support their career growth. Further, checks and balances must be put in place to ensure that systems and processes are free from biases. True success after all is inspiring and helping others, the value of mentorship, therefore, cannot be overlooked. Having a mentor not only supports the mentee but also helps with reverse learning for the mentor. A culture of successful women mentoring other women must be encouraged. Our List Every year, we celebrate women from across sectors who are helping drive economic growth and social change. Our endeavour is to highlight the achievements over the past year of women working across sectors to drive change. The list features women business leaders from across sectors, including those working in the areas of climate change and sustainability as well as those championing the cause of mental well-being, an aspect that is central to productivity. We highlight the achievements of young entrepreneurs, educators, academics, and leaders making an impact in the arts & culture sector among others. The idea of putting together this list is to inspire readers as we have been inspired while writing about them. Each one of these ladies who features in the list has truly gone beyond her ‘job profile’ to create everlasting benefit for those around her. [email protected] MOST INFLUENTIAL WOMEN
54 | BW BUSINESSWORLD | 22 March 2025 Influential Women Most 2025 En route to contributing $14 trillion to India's GDP by 2047 THE TITANS Droupadi Murmu, President of India | Nirmala Sitharaman, Union Minister of Finance & Corporate Afiairs | Nita Ambani, Chairperson, Reliance-Disney India & Reliance Foundation | Preetha Reddy, Executive Vice Chairperson, Apollo Hospitals | Sangita Reddy, Joint Managing Director, Apollo Hospitals | Shobana Kamineni, Promoter Director, Apollo Hospitals, Executive Chairperson, Apollo Health and Apollo Pharmacies | Suneeta Reddy, Managing Director, Apollo Hospitals | Nisaba Godrej, Executive Chairperson, Godrej Consumer Products | Arundhati Bhattacharya, President & Chairperson, Salesforce - India & South Asia | Zia Mody, Co-founder and Managing Partner, AZB & Partners THE INDUSTRY CAPTAINS Harman Dhillon, Executive Director, Beauty & Wellbeing, Hindustan Unilever | Prabha Narasimhan, MD & CEO, Colgate-Palmolive India | Ameera Shah, Promoter and Executive Chairperson, Metropolis Healthcare | Irina Ghose, Managing Director, Microsoft India & South Asia | Daisy Chittilapilly, President, Cisco India & SAARC | Preeti Lobana, Country Manager & Vice President, Google India | Prativa Mohapatra, Vice President & Managing Director, Adobe India | Geetika Mehta, Managing Director, Nivea India | Mallika Srinivasan, Chairman and MD, Tractors and Farm Equipment | Radhika Gupta, CEO, Edelweiss Mutual Fund, Asset Management Company | Shanti Ekambaram, Jt Managing Director, Kotak Mahindra Bank | Sindhu Gangadharan, MD, SAP Labs India & Chairperson, Nasscom | Sulajja Firodia Motwani, Founder & CEO, Kinetic Green | Suparna Mitra, CEO, Watches & Wearables Division, Titan Company | Susanne Pulverer, CEO & CSO, Ikea India | Vibha Padalkar, MD & CEO, HDFC Life THE TORCHBEARERS Roshni Nadar Malhotra, Chairperson, HCL Technologies | Tanya Dubash, Executive Director & Chief Brand Offlcer, Godrej Group | Isha Ambani, Non-Executive Director, Reliance Industries | Lakshmi Venu, Managing Director, Sundaram-Clayton & Director, TAFE | Radhika Piramal, Executive Vice Chairperson, VIP Industries | Ananya Birla, Artist & Businesswoman | Manasi Kirloskar Tata, Vice Chairperson, Toyota Kirloskar Motors | Nandini Piramal, Chairperson, Piramal Pharma | Nyrika Holkar, Executive Director, Godrej & Boyce | Priya Agarwal Hebbar, Chairperson & Non-Executive Director, Hindustan Zinc & Vedanta | Schauna Chauhan, CEO, Parle Agro | Meena Ganesh, Co-founder & Chairperson, Portea | Smita Jatia, Vice Chairperson, Westlife Foodworld | Dipali Goenka, MD & CEO, Welspun Living | Shallu Jindal, Chairperson, Jindal Foundation and Chancellor, OP Jindal University (Raigarh) MOST INFLUENTIAL WOMEN
22 March 2025 | BW BUSINESSWORLD | 55 THE CHAMPIONS Amisha Vora, Chairperson & MD, PL Capital | Anita Kotwani, CEO Media - South Asia, Dentsu | Anupriya Acharya, Chief Executive Oficer, Publicis Groupe South Asia | Aparna Iyer, CFO, Wipro | Bala Deshpande, Founder and Partner, MegaDelta Capital | Deepali Naair, Group CMO, CK Birla Group | Deepika Bhan, President, Packaged Foods (India), Tata Consumer Products | Ghazal Alagh, Co-founder & CIO, Honasa Consumer | Hephzibah Pathak, Executive Chairperson, Ogilvy India | Jaya Vaidhyanathan, Chief Executive Oficer, BCT Digital | Malini Adapureddy, Founder & CEO, Deconstruct | Mansi Madan Tripathy, Chairman, Shell Group of Companies in India | Mini Shaji Thomas, Dean, Faculty of Engineering & Technology, and Professor, Dept. of Electrical Engineering, Jamia Millia Islamia | Mira Kulkarni, Founder & CEO, Forest Essentials | Mukta Maheshwari, CMO & Vice President & Category Head, Fabric Care, P&G India | Pragya Misra, Lead, Public Policy & Partnerships, OpenAI | Priyanka Gill, Founder & CEO, Coluxe | Ruchi Deepak, Co-founder, Acko & Founder, Jolene.Club | Saakshi Verma Menon, Senior Marketing Director, Africa Middle East & South Asia, PepsiCo | Sairee Chahal, Founder & Chairperson, Mahila Money & Founding Partner, Appreciate Capital | Seema Chaturvedi, Founder & Managing Partner, AWE Funds | Shefali Sehwani, CFO, Lloyd’s India | Suchitra Ella, Co-founder & MD, Bharat Biotech International | Suman Mishra, MD & CEO, Mahindra Last Mile Mobility | Tuhina Pandey, CMO & Director, Marketing & Comms, IBM India and South Asia | Upasana Taku, Co-founder & CFO, Mobikwik | Vineeta Singh, Co-founder and CEO, Sugar Cosmetics | Vinita Jain, Founder & CEO, Biotique THE VANGUARDS Anita Dongre, Chairwoman, Founder, Chief Creative Oficer, House of Anita Dongre | Avani Lekhara, Athlete, Shooting | Bharti Kher, Artist | Bhumi Pednekar, Actor & Climate Warrior | Deepika Padukone, Actor, Producer, Entrepreneur and Mental Health Advocate | Kiran Nadar, Chairperson, Kiran Nadar Museum of Art & Trustee, Shiv Nadar Foundation | Kiran Rao, Filmmaker | Manu Bhaker, Athlete, Shooting | Pernia Qureshi, Stylist, Fashion Entrepreneur | PV Sindhu & Anmol Kharb, Athlete, Badminton | Rimple Narula, Managing Director & Co-founder, Rimple and Harpreet | Swapna Liddle, Historian, Writer, Art Curator, Heritage Conservator | Zoya Akthar, Filmmaker THE DISTINGUISHED Annapurna Devi, Union Minister of Women & Child Development | Annapurni Subramaniam, Director, Indian Institute of Astrophysics | Anupriya Patel, Union Minister of State for Health and Family Welfare, Chemicals and Fertilisers | B V Nagarathna, Judge, Supreme Court of India | Bela M Trivedi, Judge, Supreme Court of India | Nimuben Bambhaniya, Union Minister of State for Consumer Afflairs, Food and Public Distribution | Poonam Gupta, Director General, National Council of Applied Economic Research | Raksha Khadse, Union Minister of State for Youth Afflairs and Sports | Savitri Thakur, Union Minister of State for Women and Child Development | Shobha Karandlaje, Union Minister of State for Micro, Small and Medium Enterprises, and Labour and Employment | Vartika Shukla, Chariman & MD, Engineers India MOST INFLUENTIAL WOMEN
56 | BW BUSINESSWORLD | 22 March 2025 Droupadi Murmu Presidentof India ROUPADI MURMU, the 15th President of India since July 25, 2022, is a symbol of resilience and empowerment, emerging from the Santhal tribal community to occupy the nation’s highest office. Born in Uparbeda, Odisha, on June 20, 1958, she began her career as a junior assistant in the Odisha government before transitioning to public service. D Championing Social Justice GOI Leading Economic Transformation GOI IRMALA Sitharaman, India’s Union Finance Minister, is one of the most influential women in the country today, shaping the nation’s economic and policy landscape with decisive leadership. An alumna of Seethalakshmi Ramaswami College and Jawaharlal Nehru University, she holds a Master’s degree in Economics. Before entering politics, she worked at the Agricultural Engineers Association in the N UK and later as Deputy Director at the Centre for Public Policy Studies in Hyderabad. Her political journey began in 2006 with the Bharatiya Janata Party (BJP), where she quickly rose to prominence as the party’s national spokesperson, known for her articulate policy advocacy. In 2014, she was appointed Minister of State for Finance and Corporate Affairs, followed by her historic tenure as India’s first full-time woman Defence Minister in 2017, where she strengthened national security and spearheaded major defence acquisitions, including the Rafale fighter jets. Since 2019, as Finance Minister, she has been instrumental in driving economic reforms, including corporate tax cuts, Atmanirbhar Bharat initiatives, and a resilient response to the Covid-19 crisis. Her leadership in banking, taxation, and digital finance has fortified India’s financial system. A trailblazer in governance, Sitharaman’s impact cements her status as one of India’s most influential women leaders today. By Ashish Sinha Nirmala Sitharaman Union Ministerof Finance & Corporate Affairs n THE TITANS n Her political journey started in 1997 when she joined the Bharatiya Janata Party (BJP) and was elected as a councillor in Rairangpur Nagar Panchayat. She quickly rose through the ranks, becoming an MLA in Odisha for two consecutive terms (2000-2009). As Minister of State for Commerce and Transport, and later Fisheries and Animal Resources Development, she played a crucial role in rural and tribal development, earning the Pandit Nilakantha Das Best Legislator Award in 2007. In 2015, she made history as Jharkhand’s first woman governor, serving until 2021 with distinction. As President, she continues to champion social justice, environmental sustainability, and inclusive growth. She has been conferred with international honours, including the Grand Order of the Chain of the Yellow Star from Suriname in 2023, the Order of Fiji in 2024, and the Grand Collar of the Order of Timor-Leste the same year, cementing her global stature. Today, she stands as one of India’s most influential women. By Ashish Sinha Photograph courtesy: PIB Photograph courtesy: President’s Secretariat, President of India MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 57 ITA M. AMBANI is widely regarded as one of India’s most influential women, leaving an indelible mark across business, philanthropy, education, sports, arts, and entertainment. A visionary leader with an unwavering commitment to nation-building, she has redefined corporate social responsibility through high-impact initiatives that uplift communities and empower millions. Under her leadership, Reliance Foundation has emerged as India’s largest corporate philanthropy initiative, transforming lives through rural development, healthcare accessibility, women’s empowerment, and disaster relief. Her dedication to education led to the establishment of the Dhirubhai Ambani International School, which has become a benchmark for academic excellence and holistic learning, nurturing young leaders to shape the future. Championing Sports Beyond philanthropy, Nita Ambani has played a pivotal role in InNita Ambani is credited with redefining corporate social responsibility through high-impact initiatives that empower millions By Ashish Sinha Inspiring Meaningful Change CORPORATE, ENTERTAINMENT N dia’s sporting landscape, firmly believing in the power of sports as a vehicle for social change. As the first Indian woman elected to the International Olympic Committee, she has championed India’s global sporting ambitions while fostering grassroots initiatives that provide young athletes with worldclass opportunities. As the owner of Mumbai Indians, she has guided the franchise to multiple IPL championships, reinforcing India’s position in international cricket. Her influence extends to the arts, where she has created a cultural landmark in the form of the Nita Mukesh Ambani Cultural Centre (NMACC), a world-class institution dedicated to preserving and promoting India’s artistic heritage while encouraging global artistic collaboration. Now, as Chairperson of Reliance-Disney India, she is poised to transform the media and entertainment landscape, steering one of the largest collaborations in India’s content ecosystem. She has been featured on Forbes’ list of the Most Powerful Women and has received numerous honours, including the prestigious Rashtriya Khel Protsahan Award for her contribution to sports development. Her influence extends far beyond the corporate world, making her one of India’s most admired and impactful women leaders. Whether in philanthropy, education, sports, or the arts, she exemplifies the power of compassionate leadership, seamlessly blending business acumen with social impact. By championing meaningful causes, Ambani continues to shape India’s future, reinforcing her place among the nation’s most influential women. [email protected] Nita M. Ambani Chairperson, Reliance-Disney India and Founder & Chairperson, Reliance Foundation n THE TITANS n MOST INFLUENTIAL WOMEN
58 | BW BUSINESSWORLD | 22 March 2025 n THE TITANS n Pioneering Clinical Excellence HEALTHCARE RANSFORMATIVE leadership leaves an enduring legacy, and Preetha Reddy’s impact on India’s healthcare sector is a testament to this principle. Reddy, a driving force behind Apollo Hospitals, has reshaped India’s healthcare landscape. As Executive Vice Chairperson and a founding member, she has transformed Apollo into a global healthcare giant, serving millions across 140 countries. Since 1983, the network T has grown to encompass hospitals, pharmacies, and telemedicine centres. Her focus on clinical excellence has brought cutting-edge technologies like Proton Cancer Therapy to South Asia, elevating Apollo’s standards beyond global benchmarks. The Cell & Molecular Biology Research Centre and the Apollo Research Academy, both her initiatives, foster a culture of innovation and research. Beyond clinical advancements, Reddy champions healthcare education through the Apollo Hospitals Educational Trust. She was instrumental in achieving India’s first JCI accreditation and establishing NABH standards, reflecting her commitment to quality. Her involvement with the World Bank’s Advisory Council on Jobs and the EPiHC underscores her global influence. Her dedication extends to social initiatives like SACHi and disaster relief, showcasing a deep commitment to community welfare. By Arya Rakshita Preetha Reddy Executive Vice Chairperson, Apollo Hospitals Enterprise Sangita Reddy Joint Managing Director, Apollo Hospitals Enterprise Backing Healthcare Technology ANGITA REDDY, Joint Managing Director of Apollo Hospitals, is a global healthcare advocate and entrepreneur. A founding member, she has driven Apollo’s growth through AI, IoT, and telemedicine, notably with Apollo 24/7. She recently joined the Board of Joint Commission Resources, Inc. (JCR) to enhance global healthcare safety. S Her leadership has earned Apollo multiple HIMSSElsevier ICT awards and HIMSS Level-6 certifications, with Hyderabad becoming Asia’s first Health City. She has chaired G20 Empower India, led FICCI, and currently represents India in the BRICS Women’s Business Alliance. Committed to accessible healthcare, she pioneered Apollo Clinics and leads Apollo Knowledge and philanthropy, overseeing initiatives like ‘Save a Child’s Heart’ and Total Health. She has received honorary doctorates from Macquarie and Amity University. Reflecting on her journey, she states, “My journey has been driven by leveraging technology to transform India’s healthcare landscape into a proactive, predictive model. AI and telemedicine have bridged gaps in advanced care, especially in rural areas.” On gender parity, she remarks, “In 2025, gender equality is a global imperative, with ‘Techquity’ bridging gaps and empowering women. True progress lies at the intersection of technology and women’s empowerment, driving inclusivity and change.” By Arya Rakshita HEALTHCARE MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 59 MOST INFLUENTIAL WOMEN n THE TITANS Shobana Kamineni n PROMOTER Director, Apollo Hospitals Enterprise HOBANA Kamineni, Promoter Director, Apollo Hospitals Enterprise & Executive Chairperson, Apollo Health Co, is a transformative force in healthcare. She drives innovation across Apollo’s key verticals, spearheading Apollo 24/7, India’s largest integrated digital healthcare platform, and overseeing Apollo Pharmacy’s 6,250+ stores. She also founded Apollo Munich Health Insurance and established a “Biobank” which has been recognised as a top life sciences idea. A trailblazer, she became the first female president of the Confederation of Indian Industry (CII) in over a century. She has served on the FIND board, advancing diagnostic tests for poverty-related diseases, and founded ‘Billion Hearts Beating’ to promote heart disease prevention. Her achievements include the Women Economic Forum’s ‘Businesswoman of the Decade’ award and honorary doctorates from Bryant University and BML Munjal University. A national-level squash player and avid sportswoman, her leadership remains dynamic and far-reaching. On women’s potential and true equality, she states,”The only reason for women not being part of something should be choice. Their choice. Women are breaking barriers in all spheres of life but still struggle with issues like safety, education, and systemic social beliefs. With the right environment, women are truly unstoppable. There’s no ceiling that exists for them. My honest wish is a world where we didn’t have to earmark a day to celebrate women.” By Arya Rakshita Firmness of Purpose HE A LTHCA RE Bridging Healthcare Horizons UNEETA REDDY, Managing Director of Apollo Hospitals, has played a pivotal role in transforming it into Asia’s most trusted healthcare provider, reaching 150 million people across 140 countries since 1989. She pioneered foreign direct investment in Indian healthcare and led Apollo’s entry into international equity markets, driving its expansion and digital transformation. She also mentors the Apollo Clinical Innovation Group, fostering inS novation in clinical practices. Beyond Apollo, Reddy is a key voice in global healthcare. She participated in the UNGA high-level meeting on pandemic prevention and serves as President of AIMA. She is a founding member of the WEF Global Parity Alliance and holds advisory roles with the Confederation of Indian Industry, Chennai International Centre, and Harvard Business School. She holds a Bachelor’s degree in Arts as well as a Diploma in Financial Management, in addition to an honorary doctorate from XIMB Bhubaneswar, and alumni status at Harvard Business School’s Owner/President Management Programme. On women’s leadership, Reddy states, “I believe in the collective power of women. By creating equitable environments, women can advance and inspire future leaders. I encourage women to pursue their visions with grit and courage. Women have immense influence, and we, as leaders, must create more leaders for tomorrow.” By Arya Rakshita Suneeta Reddy Managing Director, Apollo Hospitals Enterprise HE A LTHCA RE S
60 | B W BUSINESSWORLD | 22 March 2025 n THE TITANS n TECH Arundhati Bhattacharya President & Chairperson, Salesforce - India & South Asia VERY time Mark Benioff, Salesforce’s Chair and CEO, is asked about his plans and expectations from India, seldom does he respond without alluding to Arundhati Bhattacharya’s leadership. From about 2500 people in 2020, when Bhattacharya joined the tech leader as chairperson and CEO for India, the company has grown to over 13,000 employees with offices in Bengaluru, Mumbai, Delhi, Hyderabad, Pune, and Jaipur. Bhattacharya herself continued rising in the ranks and was named Salesforce’s President and Chairperson for India and South Asia earlier this year. Before Salesforce, Bhattacharya made history as the first woman chairperson of the State Bank of India, where she led major reforms in digital banking, corporate governance and workforce inclusivity. Over the last five years, she has established herself as a prominent leader in the fast-evolving technology sector, setting new benchmarks in a highly competitive industry. Leader par Excellence Recognising her contributions to trade and industry, Bhattacharya was honoured with the Padma Shri in February 2025, At the time, Benioff said, “I spoke about ‘the dawn of the Indian Era’ at Dreamforce 2024, and this recognition of Arundhati Bhattacharya with the prestigious Padma Shri award is a powerful testament to that vision. Arundhati’s extraordinary leadership—from her transformative impact in banking to her role in driving digital transformation at Salesforce India—embodies the spirit of innovation, resilience, and inclusivity that is shaping India’s incredible growth story.” From her journey in banking to leading Salesforce in India, her leadership not only helped transition one of India’s largest financial institutions into the digital era but also set a precedent for embracing technology-driven change in legacy sectors. In a League of Her Own At Salesforce, Bhattacharya continues to shape the company’s growth by focussing on cloud adoption, AI-powered business solutions, and CRM technology. Under her leadership, Salesforce India has expanded its footprint, working with businesses across sectors to drive digital-first strategies and enhance customer engagement. She has also been a strong advocate for upskilling and workforce development, ensuring that professionals in India are equipped with the skills needed to thrive in an evolving digital economy. Bhattacharya perhaps explains one of her guiding mantras best when she said, “I’ve witnessed how vision and innovation can transform lives and businesses.” Because her leadership is among the driving forces behind India’s expanding role in the global digital economy. [email protected] E MOST INFLUENTIAL WOMEN Arundhati Bhattacharya has started 2025 on a high note, taking on an expanded mandate at Salesforce as President and Chairperson for India and South Asia By Noor Fathima Warsia A Leader for the Ages
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62 | BW BUSINESSWORLD | 22 March 2025 n THE INDUSTRY CAPTAINS n Harman Dhillon’s commitment to authentic representation is challenging conventional standards in South Asia’s beauty industry By Reema Bhaduri Lifting as she Climbs FMCG Harman Dhillon Executive Director, Beauty & Wellbeing Hindustan Unilever S EXECUTIVE Director of Hindustan Unilever’s Beauty and Wellbeing division and General Manager for Unilever South Asia’s Beauty and Wellbeing operations, Harman Dhillon has emerged as one of the most influential voices in shaping a more inclusive world, setting beauty standards across the subcontinent. Her journey is about redefining norms, challenging biases and creating opportunities for the next generation of women in leadership. Legacy of Leadership “The CPG industry, especially the beauty & wellbeing space, is rapidly changing and evolving. While the industry itself was primarily focused on catering to women consumers, there were very few women in leadership positions shaping the industry,” Dhillon notes, adding, “However, today, more women are stepping into influential roles and shaping the beauty businesses and conversations in the country.” This observation mirrors Dhillon’s journey as well. Since joining HUL in 2006, she has built a reputation for strategic thinking, consumer insights expertise and brand development across diverse markets, including South Asia, North America and Europe. Championing Inclusivity Dhillon’s fingerprints can be found on some of the campaigns in recent memory. As VP of Hair Care, she spearheaded the launches of Dove hair products and TRESemme in India, introducing international premium brands to a market hungry for innovation. But perhaps more impactful were the narrative shifts she championed through campaigns like Dove’s ‘Stop the Beauty Test’ and Clinic Plus’ ‘Meri Beti Strong’, which challenged traditional beauty standards and promoted inclusivity - values now central to the beauty sector. “Women have been instrumental in pushing boundaries around beauty standards, changing how beauty brands engage with their consumers, driving inclusivity and strengthening businesses to be futurefit,” she observes, a philosophy that clearly guides her leadership approach. Advice for Next -gen For young women aspiring to leadership roles, Dhillon’s advice is, “Firstly, believe in yourself and most importantly back yourself. Be unafraid to share your thoughts and perspective. Second, stay resilient in the face of setbacks, treat it as an opportunity to learn and grow.” Her third piece of advice, “Lift as you climb”, perhaps best encapsulates Dhillon’s leadership philosophy. “We need to build a strong network of women who ally, encourage and challenge each other to be their best versions,” she says. [email protected] A MOST INFLUENTIAL WOMEN
22 March 2025 | BW BUSINESSWORLD | 63 n THE INDUSTRY CAPTAINS n Narasimhan redefines leadership by breaking leadership barriers through empowerment, transparency and fostering human connections By Reema Bhaduri Breaking Barriers, Building Legacies FMCG Prabha Narasimhan MD & CEO, ColgatePalmolive India RABHA Narasimhan is an example of leadership that combines strategic vision with emotional intelligence and authenticity. With over 25 years of experience, she began at Aditya Birla Group before joining Unilever in 2006. There, she led Hindustan Unilever’s Home Care division, shaping her path for her current position as the chief of Colgate-Palmolive India. Ability to Empower “Over time, my biggest evolution as a leader has been the ability and desire to empower and delegate,” Narasimhan reflects. The evolution speaks volumes about her self-awareness and growth mindset. She admits earlier in her career, she struggled with delegation, feeling she “needed to do it myself and prove that I could”. Beyond empowerment, transparency forms a crucial pillar of Narasimhan’s leadership philosophy. “My innate belief is that people want to hear the truth from their leaders and want to know that there will not be a say-do gap,” she emphasises. The commitment to honesty, “regardless of whether they are hearing something positive or otherwise,” creates a culture of trust and authenticity. Moreover, she recognises the reciprocal nature of transparency. When leaders are forthright, team members respond in kind, preventing the isolation that often plagues executives in what she calls “ivory tower syndrome.” Narasimhan’s leadership has solidified Colgate-Palmolive India’s market dominance in oral and personal care through focused customer-centricity and innovation initiatives, preserving brand equity while driving commercial growth. Shaping Women’s Future As a prominent woman leader in FMCG, Narasimhan highlights the growing role of women in the industry that largely serves female consumers and decisionmakers, emphasising its natural alignment with a diverse workforce. “It is great to see so many women working in this industry, and I hope there will be more and more,” she says, acknowledging progress while recognising room for growth. Her advice to aspiring leaders transcends gender boundaries. “Nurture continuous curiosity whether you are just starting or a veteran, have the mental agility to create and recreate your mental models and thinking, and the humility to know that there will always be numerous people to learn from to grow,” she shares. The advice, emphasising lifelong learning, adaptability and humility, reflects Narasimhan’s approach to leadership. She particularly urges young women to invest in relationship-building, noting, “As the world gets more digital, ironically, human relationships become even more important,” capturing a profound paradox of our times. [email protected] P MOST INFLUENTIAL WOMEN
64 | B W BUSINESSWORLD | 22 March 2025 Ameera Shah Executive Chairperson & Whole Time Director, Metropolis Health S EXECUTIVE Chairperson and Whole-time Director of Metropolis Healthcare, Ameera Shah has played a key role in shaping the healthcare industry over the past two decades. Shah holds a Finance degree from the University of Texas at Austin and has completed the OPM programme at Harvard Business School. She is currently Senior Vice-President of NATHealth (Healthcare Federation of India) and also serves as an independent director on the boards of Torrent Pharma and ACC, part of the Adani Group. Looking back at her career, Shah considers overcoming challenges as her biggest achievement. “Facing significant obstacles without giving up has always guided me,” she says. She highlights navigating a difficult investor situation in 2015, successfully launching Metropolis’ IPO despite financial uncertainty, and leading her teams through the Covid-19 pandemic as key milestones. For Shah, success goes beyond business numbers. “Success is about resilience, impact, and staying true to a larger purpose,” she says. It includes improving access to quality diagnostics, building trust, and driving meaningful healthcare progress. True success, she believes, is measured by the lives impacted, the innovations introduced, and the lasting change created in the industry. Her contributions have earned her widespread recognition. In 2021, she received the Ernst & Young Entrepreneur of the Year Award in healthcare. By Arya Rakshita A Leading the Way to Success HE A LTHCA RE Creating a New Order in Auto AUTO N the challenges in a maledominated industry… I have survived and thrived because I love what I do. I joined the industry over 27 years ago, and it has been a journey of ‘never a dull moment’. The industry has come a long way from its male-dominated status. Back in 1995, women were few and far in our sector, especially in the core areas such as R&D and the shop floor. Overcoming these challenges O required a conscious effort to drive change, advocate for gender diversity, and lead from the front. On advice for aspiring women leaders… The automotive sector has traditionally been male-dominated, and women have been underrepresented. However, the advent of electric vehicles presents a great opportunity to redefine the industry, making it more inclusive and diverse. Unlike traditional engine-based vehicles, which place much more emphasis on mechanical engineeringbased parts and manufacturing processes, EVs comprise much more electronics and software. This will enable more women to enter the core areas of R&D and assembly of EVs. Fostering an environment that not only supports but actively promotes women’s involvement in manufacturing and core engineering is critically important. It is imperative to build a future-ready ecosystem where the distinct strengths of both women and men are leveraged to deliver innovative, highquality products. By Utkarsh Agarwal Sulajja Firodia Motwani Founder & CEO, Kinetic Green nTHE INDUSTRY CAPTAINS n MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 65 MOST INFLUENTIAL WOMEN RINA Ghose, Managing Director, Microsoft India & South Asia, is leading the company’s efforts in driving AI-led change across industries while ensuring technology remains ethical, inclusive and impactful. Microsoft is not only advancing AI adoption but also embedding responsible AI principles into its approach. “At Microsoft, we believe AI isn’t just powerful but purposeful. Our Responsible AI approach is built on fairness, security, inclusivity and transparency, ensuring AI is safe, ethical, and impactful. Because when AI is built responsibly, it doesn’t just change technology but transforms lives,” she says. Microsoft is working to make India an AI-first economy, partnering with key organisations such as RailTel, Apollo Hospitals, Bajaj Finserv, upGrad and the Mahindra Group. “We are helping Apollo Hospitals develop and implement an AI roadmap for the ‘Hospital of the Future’, and Bajaj Finserv to transform into a FinAI company,” Ghose explains. Irina Ghose is shaping AI’s role in digital change, skilling, and diversity, ensuring responsible and inclusive innovation By Noor Fathima Warsia Making India an AI-first economy TECH I Changing the Landscape As part of its broader AI strategy, Microsoft is making AI accessible across communities. “From helping teachers create lesson plans in minutes with Shiksha Copilot to enhancing accessibility for people with disabilities through AI-powered tools, AI is making an impact everywhere,” she adds. However, she emphasises the need for responsible AI practices, stating, “AI must be developed and used fairly, ethically, and securely as it becomes pervasive across our professional and personal lives.” A major focus area for Microsoft India is AI skilling. “In 2024 alone, we upskilled two million people in AI skills, of which 65 per cent were women. This year, we have a more ambitious plan to skill 10 million Indians in AI by 2030,” she shares. Microsoft also signed an MoU with IndiaAI to skill 500,000 individuals by 2026. Beyond large-scale skilling, Microsoft is creating AI learning environments across India. “We will set up AI Productivity Labs in 20 National Skill Training Institutes across 10 states to impart foundational AI courses to 20,000 educators,” she states. Microsoft’s AI Catalysts programme is designed to support 100,000 AI innovators and developers through hackathons, community-building solutions and an AI marketplace. A Bigger Picture Inspired by her mother’s journey as an educator, she founded ‘MyLittleBit’ to support underprivileged girls. “Education is the ultimate leveler. Through MyLittleBit, we are bridging the gap from classrooms to careers, helping young women gain industry skills and achieve their dreams,” she says. [email protected] Irina Ghose Managing Director, Microsoft India & South Asia nTHE INDUSTRY CAPTAINS n
66 | B W BUSINESSWORLD | 22 March 2025 Chittilapilly is contributing to India’s AI future, fostering inclusion as technology reshapes work By Team BW Built on Innovation & Inclusion TECH Daisy Chittilapilly President, Cisco India & SAARC S PRESIDENT of Cisco India & SAARC, Daisy Chittilapilly is shaping India’s tech scene with a visionary approach. Over nearly 30 years in the industry, including two decades at Cisco, she has established herself as a formidable leader—one who not only drives growth but also curates the culture of technology leadership. Under her leadership, Cisco inaugurated a manufacturing facility in Chennai in 2024, an initiative expected to generate over $1.3 billion annually and boost domestic production and exports. Beyond corporate milestones, Chittilapilly is invested in mentoring and empowering the next generation of technology professionals. She serves on the Executive Council of Nasscom, advocating for innovation and inclusivity in the IT-BPM sector. Passionate about the future of AI, she sees its rise as an unprecedented opportunity for everyone. “Nobody has a head start in this conversation,” she says, stressing AI’s potential as a level playing field where skills—beyond just STEM—will define success. With India’s AI market projected to grow at a 25-30 per cent CAGR, Chittilapilly sees an era of sustained expansion. “It is a high-growth area but also a multiyear journey,” she notes. She believes AI offers an unparalleled starting ground for aspiring technologists, especially women. “It’s a good place to build skills, providing opportunity and longevity.” Empowering & Evolving She encourages women to embrace AI, pointing out the unique value they can bring to the field. “Bringing some emotional quotient and language skills to this conversation is probably the best way for women to take advantage of this opportunity,” she says, adding, “For the next decade or more, AI will be one of the fastest-growing spaces. It is a good place to get involved and build a career. It is unnecessary to get intimidated by it because it is still the early days.” A BTech graduate from the College of Engineering, Trivandrum, with further studies at XLRI Jamshedpur, Chittilapilly’s journey is marked by resilience, foresight, and a relentless commitment to enabling digital empowerment. As India marches towards a future powered by AI and innovation, she is one of the key architects ensuring that the future is inclusive, dynamic and built to scale. “The kinds of roles and jobs available are being redefined. We are already seeing new roles emerge -- prompt engineers, gig workers and people training AI models. The AI revolution is still unfolding, and adapting skills to fit this evolution is key,” she explains. A n THE INDUSTRY CAPTAINS n MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 67 S THE first woman to lead SAP Labs India, the bulwark and R&D arm of German software maker SAP, Sindhu Gangadharan has shattered glass ceilings and redefined leadership in an industry pegged for explosive growth. In her dual role as Managing Director and Global Head of Customer Innovation Services at SAP, she is pioneering enterprise transformation on a global scale. A On a Mission of Inclusion N DECEMBER 2024, Google appointed Preeti Lobana as its India Country Manager and Vice President. Taking the reins from Sanjay Gupta, who now presides over Google’s Asia Pacific operations, Lobana stepped into one of the most influential roles in India’s digital ecosystem. With over three decades of experience across technology and finance, she brings a wealth of expertise in business strategy, product management and operational excellence. Lobana’s eight years at Google have been defined by a deep commitment to understanding user needs. “My journey at Google has been one of continuous learning and evolution, focused on addressing the needs of our users and businesses in India,” I she says. Now, her focus sharpens on accelerating AI adoption to fuel business growth, individual productivity and workforce skilling for an AIpowered future. Reinventing A former leader at NatWest Group, American Express, Standard Chartered Bank and ANZ Grindlays, Lobana knows firsthand the power of reinvention. “I used to work in banking for many years and almost missed out on great opportunities because I let limiting beliefs hold me back,” she shares. She advises young women leaders, “Be relentlessly curious and persistent in pursuing your passions. Agility, a growth mindset, and community support can drive real systemic change.” By Rohit Chintapali ‘Be Curious and Persistent’ Preeti Lobana Country Manager & VP, Google India Sindhu Gangadharan Managing Director, SAP Labs India & Chairperson, Nasscom TECH Industry Leadership Her influence extends far beyond SAP. As Chairperson of Nasscom, India’s IT-BPM trade body, Gangadharan is steering an industry on track to hit $300 billion in FY26. She also chairs the Nasscom GCC Council, guiding the country’s fast-expanding Global Capability Centres. A board member of Siemens India and Titan Company, she plays an important role in corporate governance, while her work with the Indo-German Chamber of Commerce strengthens international trade ties. Gangadharan is a fierce advocate for diversity in technology, believing AI to be a great equaliser. “Generative AI is definitely going to be an equaliser for women’s inclusion in technology and career growth. Embrace AI as a tool for empowerment. The technology is super powerful. Let us use it to build a more inclusive future,” she says. By Team BW n THE INDUSTRY CAPTAINS n MOST INFLUENTIAL WOMEN
68 | B W BUSINESSWORLD | 22 March 2025 MOST INFLUENTIAL WOMEN n THE INDUSTRY CAPTAINS n In leadership and business, real change comes from decisive action, not just intent, says Geetika Mehta By Noor Fathima Warsia “Progress doesn’t happen by chance; it happens by choice” FMCG (Personal Care) What key shifts do you foresee in consumer behaviour, and how is Nivea India adapting? Innovations, innovations, innovations! Innovation lies at the heart of everything we do. We recently had several launches, bringing Nivea Sun, Nivea Derma Skin Clear Range, Nivea Luminous and Nivea Lip Caring Beauty to our consumers. We are also excited about the Eucerin launch under Beiersdorf ’s umbrella, marking another milestone in redefining skincare excellence. Consumers today seek upgraded experiences, authenticity and brands that align with their values. While change is the nature of our industry, innovation remains constant. The key is maintaining an outcome-driven mindset while embedding innovation in every step of the journey. A digital-first mindset is also central to our approach. Take Nivea Soft Fresh Batch, our user-generated content initiative. Over the past four years, it has sparked over 600,000 pieces of content, fuelled by platform innovation, influencer partnerships, and even a Guinness World Record title. Technology revolutionises skincare in ways we couldn’t have imagined a decade ago. We leverage cutting-edge technology to enhance consumer engagement, streamline supply chains and drive product innovation. You have worked across industries. What are the biggest leadership lessons that have shaped your approach today? Three key lessons have defined my leadership journey. First, continuous learning, staying curious, challenging oneself and embracing change are essential. Growth happens outside our comfort zones, and learning should never stop. Second, to understand that life and careers are marathons, not sprints. Success is not about chasing titles but about creating impact. Resilience in the face of failure and humility in success define strong leaders. Third, the value of trust, empathy and collaboration. Leadership is about inspiring teams and making them feel valued. Strong relationships and ethical decision-making create lasting success. How do you interpret ‘Accelerate Action’ in the business transformation context? The International Women’s Day 2025 theme, ‘Accelerate Action’, resonates deeply at Nivea India. Progress is intentional, and creating impact is essential. In leadership, this means actively fostering inclusivity, creating opportunities and ensuring that policies lead to meaningful change. For example, at Nivea India, accelerating gender equity is a priority in representing and shaping everyday workplace experiences. Diversity is a business imperative. A 50:50 gender balance has been achieved in the leadership team. Talent is actively nurtured through structured career development, mentorship, and policies that enable work-life integration. Leadership is about opening doors for others, and when women support women, everyone rises together. [email protected] Geetika Mehta Managing Director, Nivea India
22 March 2025 | B W BUSINESSWORLD | 69 Prativa Mohapatra of Adobe India, in a chat with BW Businessworld’s Noor Fathima Warsia, speaks on AI, digital evolution and diversity “The Time for Small Shifts is Over” TECH How do you see Adobe’s role evolving in the AI-driven era? India’s digital economy and innovation landscape position us well for the next phase of AI-led growth. Adobe is committed to driving digital businesses, democratising creativity and accelerating productivity with responsible innovation. AI is now a critical enabler of creativity and efficiency. Adobe has expanded its vision to ensure AI accessibility, offering commercially safe video models and AIpowered design tools. Businesses no longer view AI as just a tool but as a catalyst for transformation. AI is reshaping operations, unlocking efficiencies and delivering personalised customer experiences. Across sectors, companies use AI to improve operations, develop new business models and enhance customer engagement. As all players integrate AI into their digital transformation strategies, our role is to support the shift, ensuring enterprises have the right tools to drive efficiency and innovation. AI adoption is increasing, but regulation remains a critical factor. Is the ecosystem evolving at the right pace? The AI ecosystem is vast, involving solution providers like us, computing firms like Nvidia, and policymakers shaping regulation. Progress is being made, but it is an ongoing process. AI development, from faster computing to regulatory frameworks, is still evolving. Adobe strongly advocates for ethical AI, and policymakers focus on responsible AI frameworks. The collaboration between industry and regulators is key to ensuring AI benefits businesses and consumers sustainably. Gender diversity remains a challenge, particularly in tech and leadership. What is Adobe doing to bridge the gap? At Adobe, diversity starts at the top. We focus on lifting women leaders and creating spaces for diverse talent. Initiatives like ‘She Sparks’ help women re-enter the workforce, while our leaders are measured on increasing gender diversity in teams. DEI (Diversity, Equity and Inclusion) is embedded in our business strategy, and we actively work to foster an inclusive culture. This year, our Women’s History Month activities involve men and women, reinforcing our commitment to long-term change. The International Women’s Day theme this year is ‘Accelerate Action.’ What does this mean to you? ‘Accelerate Action’ is about moving beyond intent to impact. It is about breaking traditional expectations for women in leadership and ensuring organisations embed gender equity into their culture. The time for small shifts is over; we need systemic changes. A seat at the table is not enough. Women’s voices must be heard, valued and reflected in decision-making. For women professionals, it is about trusting their capabilities, taking risks and stepping forward with conviction. [email protected] Prativa Mohapatra Vice President & Managing Director, Adobe India MOST INFLUENTIAL WOMEN n THE INDUSTRY CAPTAINS n
70 | BW BUSINESSWORLD | 22 March 2025 n THE TORCHBEARERS n Nandini Piramal has stood out with her ability to drive positive change and sustainable growth at Piramal Pharma By Arya Rakshita Her Motto: Doing Well, Doing Good PHARMACEUTICALS Nandini Piramal Executive Director, Piramal Enterprises & Chairperson, Piramal Pharma TRUE leader shapes not just a company’s trajectory, but also its core values. Nandini Piramal stands as a beacon of transformative leadership within the Indian pharmaceutical landscape. As Chairperson of Piramal Pharma. and Executive Director of Piramal Enterprises, she has consistently demonstrated her ability to drive transformative change and foster sustainable growth. Her leadership is marked by significant milestones, including the successful demerger and public listing of Piramal Pharma. This strategic move, as she describes, was “one of the most defining moments of my career, a strategic step in shifting from a diversified conglomerate to a sector-focussed, streamlined structure, making our business objectives clearer and enhancing shareholder value.” This transition, she emphasises, was not just about restructuring but about ensuring “stability, operational excellence, and a strong vision for the future.” Beyond this pivotal corporate manoeuvre, Piramal has been instrumental in propelling Piramal Pharma’s over-the-counter (OTC) business to remarkable growth, establishing its brands as market leaders. Her ability to navigate challenging phases, such as the turnaround of Piramal Pharma after a demanding FY23, reflects her resilience and strategic acumen. Her focus on organic growth, cost control, and operational excellence has been pivotal in strengthening the company’s foundation. Her leadership extends beyond business metrics. Nandini is deeply committed to the Piramal Group’s philanthropic endeavours, actively supporting initiatives like Piramal Swasthya, Piramal School of Leadership, and Piramal Sarvajal. This dedication to “Doing Well and Doing Good,” as she puts it, is central to her philosophy. “For me, success goes beyond numbers or milestones—it is about making a real, lasting difference,” she states. “At Piramal Pharma, our purpose of ‘Doing Well and Doing Good’—is at the heart of everything we do. I truly believe that individual success and organisational growth must be built on a foundation of responsible and ethical business practices,” she notes. Her emphasis on core values such as ‘Knowledge, Action, Care, and Impact’ guides her leadership, fostering a culture where people feel empowered to innovate, take action, and contribute to something larger than themselves. This approach, she believes, is crucial for creating sustainable and far-reaching impacts. Nandini Piramal’s academic credentials, including a Master’s in Business Administration from Stanford Graduate School of Business and a Bachelor’s from Oxford University, provide a solid foundation for her strategic approach. [email protected] A MOST INFLUENTIAL WOMEN
Tanya Dubash Executive Director & Chief Brand Officer, Godrej Group ANYA Dubash, Executive Director and Chief Brand Officer of Godrej Group, is a leader known for reshaping the brand strategy and corporate identity of one of India’s most respected conglomerates. A driving force behind Godrej’s transformation into a contemporary, consumer-centric brand, she has played a pivotal role in redefining the company’s market presence while ensuring it stays true to its 125-year-old legacy. Under Dubash’s leadership, Godrej embarked on a journey of brand reinvention, moving beyond its industrial roots into a modern, consumer-focused entity. She spearheaded the ‘Brighter Living’ philosophy, a shift that reinforced Godrej as a brand committed to innovation, sustainability, and improving everyday life for consumers. Purposeful She also launched the Godrej Masterbrand strategy, strengthening the group’s presence across diverse industries, including FMCG, real estate, appliances and agribusiness. A vocal advocate for women in business, Dubash has been a role model for aspiring female leaders in India’s corporate sector. Her leadership reflects a commitment to gender diversity, inclusivity, and mentorship, inspiring the next generation of women to step into leadership roles. She exemplifies modern, purpose-driven leadership, blending heritage with innovation.By Soumya Sehgal T Gearing Up for a New Era CONGLOMERATE Balancing Business & Music ENTERTAINMENT, CONGLOMER ATE NANYA Birla’s entrepreneurial journey spans multiple industries, from finance to mental wellbeing and music. For her, business is about launching companies and creating ecosystems that drive lasting impact. “True leadership goes beyond catchy slogans or aspirational ideas; it’s about establishing a guiding principle that motivates teams, earns investors’ trust, and resonates with customers,” she says. Her approach to identiA fying new opportunities involves innovation, inclusivity and meaningful impact. While success is celebrated, Birla acknowledges that failure is an inevitable part of the process. She sees setbacks as learning opportunities that often lead to breakthrough ideas. Far-reaching Impact Beyond business, music is an equally integral part of Birla’s life. She applies the same discipline to both, ensuring that passion fuels every endeavour. “When I commit to something, I give it my absolute all -- pushing my boundaries, challenging myself and striving for excellence in every detailed aspect,” she shares. This relentless drive has sometimes led to burnout, but she considers it part of the journey. For her, success is not a solo journey but built on collaboration, trust and a shared commitment to achieving goals. By Noor Fathima Warsia Ananya Birla Artist & Businesswoman n THE TORCHBEARERS n MOST INFLUENTIAL WOMEN
72 | B W BUSINESSWORLD | 22 March 2025 Isha Ambani Non-Executive Director, Reliance Industries SHA AMBANI has been instrumental in steering Reliance Industries retail and digital ventures, cementing her status as one of India’s most influential women. A Yale University alumna with a double major in Psychology and South Asian Studies, and an MBA from Stanford University, she began her career as a business analyst at McKinsey & Company, gaining global exposure to corporate strategy and operations. In I Redefining Retail Leadership RETAIL A Versatile Leader HE A LTHCA RE EENA Ganesh, Chairperson and Non-Executive Director, Portea Medical, is a prominent figure in India’s healthcare and education sectors. Holding degrees in physics and management from the University of Madras and IIM Calcutta, respectively, her career spans diverse leadership roles. She is best known as the co-founder and MD & CEO of Portea Medical, a pioneering home healthM care company that has transformed patient care in India. With a vision of affordable, accessible ‘out-of-hospital’ care, Portea Medical, India’s leading home healthcare provider with a 24-city network, delivers compassionate, quality medical care at home. Its mission is to provide best-in-class care through service excellence, evidence-based practices, and technology across preventive, pre/post-natal, post-operative, critical, chronic, palliative, and elder care. Prior to Portea, Ganesh served as CEO and Managing Director of Pearson India Education Services. Her experience also includes significant positions at Tesco and NIIT. Ganesh’s contributions have been widely recognised. She received the IIM Calcutta Distinguished Alumnus award in 2011, highlighting her academic and professional achievements. In 2020, she received the Kempegowda Award from the Bruhat Bengaluru Mahanagara Palike for her significant contributions to Bengaluru, further solidifying her legacy as a leader and innovator. By Arya Rakshita Meena Ganesh Chairperson & Non-Executive Director, Portea Medical n THE TORCHBEARERS n 2014, she joined Reliance Industries’s Board of Directors, playing a pivotal role in launching Reliance Jio, which revolutionised India’s digital connectivity and reshaped consumer behaviour. As a leader in Reliance Retail Ventures, Ambani has driven aggressive expansion across categories, spearheading the launch of ecommerce platforms like AJIO and the premium beauty retail venture, Tira, setting new benchmarks in digital commerce. Under her guidance, Reliance Retail surpassed one billion transactions in FY23, reinforcing its dominance as India’s largest retailer. In July 2023, she was appointed nonexecutive director of Jio Financial Services. Beyond business, she serves on the board of trustees of the Smithsonian’s National Museum of Asian Art, demonstrating her commitment to global cultural initiatives. With her visionary leadership and relentless pursuit of excellence, Ambani continues to shape India’s business and entrepreneurial landscape with innovation, ambition, and impact. By Ashish Sinha MOST INFLUENTIAL WOMEN Photograph courtesy: Reliance Industries Limited
22 March 2025 | BW BUSINESSWORLD | 73 LENDING legacy with innovation is not easy, but Dipali Goenka’s trademark as a leader is precisely this. As MD and CEO of Welspun Living, she has expanded its business reach and transformed its workplace culture, prioritising inclusivity, sustainability and technological advancement. Goenka’s philosophy has always been rooted in inclusivity and empowerment. “I strongly believe in leading from the front. When I started my career at Welspun, we had about 7 per cent female employees. I am proud to say that now, female employees have increased to more than 26 per cent,” she asserts. For her, true leadership goes beyond just providing Prioritising people and purpose alongside business growth, Dipali Goenka is creating a future-ready organisation By Noor Fathima Warsia “Businesses Must Stand for Something Bigger” TEXTILES B opportunities. “At Welspun, we are not just opening doors for women, we are ensuring they walk through them with confidence, with opportunities that go beyond mere participation to meaningful leadership. From the shop floor to senior management, we have built an ecosystem where women are not just contributors but decisionmakers, innovators, and changemakers.” Balancing Legacy and Innovation As part of a business family, Goenka has navigated the delicate balance of preserving legacy while fostering innovation. “Legacy is not about preserving the past but evolving it. At Welspun, we respect the foundation built over decades, but we are also constantly innovating, whether through sustainability initiatives like our ESG commitments, digital transformation and innovation in manufacturing or pioneering new product categories.” Understanding Consumer Shifts Consumer expectations are evolving, and Goenka believes businesses must adapt accordingly.“One should stay attuned to consumers’ dynamic preferences and demands through constant market research and feedback loops. Encourage a culture of innovation and experimentation within your team, providing resources and support for new ideas.” She points out, “Consumers today demand authenticity, sustainability and hyperpersonalisation. They want brands to reflect their values and engage with them meaningfully.” According to her, businesses can no longer focus solely on transactions. “There is a shift from transactional relationships to purpose-driven connections. Businesses must not only deliver quality but also stand for something bigger, whether it is sustainability or community impact.” [email protected] Dipali Goenka MD& CEO, Welspun Living MOST INFLUENTIAL WOMEN n THE TORCHBEARERS n
74 | B W BUSINESSWORLD | 22 March 2025 Beyond driving innovation and leadership in the food industry, Smita Jatia, contributes towards making a bigger difference to people’s lives By Noor Fathima Warsia Big Changes from the Smallest Things OR Smita Jatia, progress is impossible without bold action and sustained innovation. As the Vice Chairperson of Westlife Foodworld, she has focused on driving operational excellence, fostering leadership and ensuring that McDonald’s India continues to evolve with consumer preferences. One of the most transformative periods of her career was transitioning from a traditional food business to a food-tech enterprise. “We brought in concepts such as Experience of the Future (EOTF) restaurants, McDelivery, and McCafé to India, which was revolutionary,” she recalls. Introducing self-ordering kiosks, table service and modern restaurant designs changed how Indian consumers engaged with McDonald’s, making it an aspirational yet accessible brand. These efforts positioned McDonald’s India as Asia’s best-performing market, reinforcing the company’s commitment to innovation. Scaling with Purpose As Westlife Foodworld looks toward the future, Jatia is focused on sustainable growth. “Our Vision 2027 strategy is all about scaling with purpose, growing our footprint and continuing to innovate F ahead of changing consumer tastes and preferences,” she explains. Menu innovation remains a key pillar of this strategy, ensuring that offerings are locally relevant and nutritionally balanced. “From crafting the Aloo Tikki Burger to enhancing the Happy Meal with nutritious alternatives, our ‘Real Food Real Good’ philosophy is about delivering mindful eating choices without compromising flavour,” she adds. Recognising that long-term success depends on strong leadership, Jatia prioritises talent development and operational excellence. “Our success in a changing environment relies on developing the next generation of leaders and driving our long-term strategic growth agenda,” she says. This focus ensures that the organisation remains resilient and adaptable in an evolving market. Commitment to Impact Beyond the boardroom, Jatia’s work with Ronald McDonald House Charities (RMHC) India holds deep personal significance. “Serving children fighting cancer and their families by growing care facilities through Family Rooms in Mumbai and Chhatrapati Sambhaji Nagar has been deeply rewarding,” she shares. The initiative provides families with a place to stay close to their children during treatment, offering hope and support in their most challenging moments. “The smallest things, such as the smile on a child’s face or a family discovering hope, remind me why this work is so important,” she says. “Through my journey, I have learned that leadership is not about having all the answers. It is about asking the right questions and empowering others to find solutions,” she explains. [email protected] Smita Jatia Vice Chairperson, Westlife Foodworld n THE TORCHBEARERS n FOOD & QUICK-SERVICE MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 75 Shallu Jindal Chairperson, Jindal Foundation & Chancellor, OP Jindal University (Raigarh) HALLU Jindal’s work focuses on empowering women through education, healthcare and economic participation, ensuring that they gain recognition in their families, communities, and beyond. One of the key areas where Jindal, the Chairperson of the Jindal Foundation, sees the need for acceleration is education and vocational training. “Quality education is transformative, and it must go beyond basic literacy to include digital skills, financial education, and soft skills,” she explains. The Yashasvi Programme has already provided financial aid to over 10,000 girls for higher studies, while OP Jindal Community Colleges offer vocational training in areas like tailoring, mushroom cultivation, and food processing. Economic empowerment is a critical focus for Jindal. “Financial independence gives women a voice in their households and communities,” she emphasises. Through Jan Jeevika Kendras, the foundation has established over 2,500 micro-enterprises, engaging more than 30,000 women in incomegenerating activities across Odisha, Bihar, Chhattisgarh and Andhra Pradesh. Beyond economic opportunities, Jindal is committed to ensuring women can access quality healthcare. The Kishori Express programme has reached 7.5 lakh adolescent girls, addressing anaemia, while the Vatsalya initiative for maternal and child healthcare has benefited 7.2 lakh women and children. “Reducing infant and maternal mortality rates is a priority, and we are succeeding in minimising IMR and MMR through targeted interventions,” she states. Sustainable Growth The Jindal Foundation also focuses on providing access to safe drinking water, with an aim to reach three million households through deep tube wells, solar-powered water supply systems, and water ATMs. Jindal highlights the importance of holistic well-being, supporting population stabilisation efforts, combating HIV/AIDS, and promoting inclusivity for persons with disabilities. “Women face multiple struggles daily, and addressing these challenges at the grassroots level is essential for nationbuilding,” she says. “As a woman, I am blessed to handle multiple roles as a homemaker, social worker, artist, and philanthropist,” she shares. Her vision for the next five years includes expanding rural education, supporting tribal sports talent, and promoting classical performing arts internationally. Jindal believes that social development in India needs more young leaders making a difference. She advises, “Never undervalue the power of your voice and actions. Be courageous, keep learning and stay true to your values. Change takes time, but resilience and passion will drive you forward.” [email protected] Shallu Jindal’s work at the Jindal Foundation empowers women through economic independence, driving sustainable social transformation By Noor Fathima Warsia Financial Empowerment SOCIAL & EDUCATION S n THE TORCHBEARERS n MOST INFLUENTIAL WOMEN
76 | BW BUSINESSWORLD | 22 March 2025 n THE CHAMPIONS n Deepika Bhan thrives on identifying growth opportunities that solve real consumer problems By Team BW Building Brands, Driving Growth FMCG Deepika Bhan President,Packaged Foods (India), Tata Consumer Products ITH extensive experience in the FMCG sector, Deepika Bhan, the President of Packaged Foods at Tata Consumer Products (TCP), has a track record of driving business growth, brand transformation and strategic expansion. She plays a strong role in shaping TCP’s packaged foods portfolio, which includes brands such as Tata Salt, Tata Sampann and Tata Soulfull. Bhan joined Tata Consumer Products in 2021, following a 15-year tenure at Hindustan Unilever. As global brand director there, she led brand development, innovation and communication for the hair care portfolio across South Asia. Passion and Purpose Known as a purpose-driven leader, Bhan’s passion lies in building brands with meaningful consumer connections. She thrives on identifying growth opportunities that solve real consumer problems and is known for infusing creativity and craftsmanship into brand strategy and business execution. Under her leadership, Tata Consumer Products has focused on expanding its core businesses of tea, coffee and salt while also fortifying its packaged foods segment with innovative, high-quality products. A recent example of her strategic influence is Tata Sampann’s ‘Pyar Bhara’ campaign which emphasises natural ingredients and minimal processing. “We believe that polishing is a harsh process which takes away most nutrients’ dal has to offer. This is why we don’t polish our dal – we bring it to our consumers, unpolished and full of Nature’s Love,” Bhan commented at the time, reinforcing Tata Sampann’s commitment to quality and authenticity. This consumer-centric approach has helped Tata Consumer Products strengthen its position in the market as a trusted name in packaged foods. Staying Ahead of the Curve Beyond her business acumen, she is also known for her people-first leadership style, fostering a culture of agility, innovation and high performance. She takes immense pride in building and mentoring highperforming teams, empowering them to think strategically and execute with excellence, a testament to her belief in nurturing talent for long-term impact. Bhan is a firm believer in the power of digital transformation and data-driven decision-making. At Tata Consumer Products, she has championed initiatives that leverage data analytics, AI-driven insights, and digital marketing to refine consumer engagement strategies. With the rise of ecommerce and direct-toconsumer (D2C) models, she has ensured that Tata Consumer Products remains at the forefront of these evolving consumer touchpoints. W S MOST INFLUENTIAL WOMEN
22 March 2025 | BW BUSINESSWORLD | 77 MOST INFLUENTIAL WOMEN Mukta Maheshwari CMO, VP & Category Head, Fabric Care, P&G India ITH nearly three decades of experience, spanning five brands and three countries since joining P&G in 2007, Mukta Maheshwari, the Chief Marketing Officer and Vice President & Category Head for P&G India’s Fabric Care division, has transformed household brands into catalysts for social change. Maheshwari’s campaigns have earned global recognition, including Cannes Lions for Ariel’s ‘Olympic Shirt Flag’. However, perhaps the ‘Share the Load’ campaign best demonstrates her approach, which does not separate commercial success from social progress. Authentic Brand Activism “The brands pick a cause which closely resonates with the branddefined purpose,” Maheshwari says. “Gender equality is extremely important for Ariel. For us, it is important that we drive that balance and equality so that anyone can get great results if they use a product like Ariel,” she explains. She also highlights the importance of diversity in shaping effective marketing strategies. “P&G serves about 5 billion consumers across the world. Embracing diversity allows us to bring varied viewpoints into our campaigns, making them more authentic and relevant,” she asserts. Her commitment to consumer-centric innovation matches her conviction that major brands must leverage their influence to advocate equality. By Reema Bhaduri W n THE CHAMPIONS n Architect of Change FMCG Pioneering AI Policy TECH PENAI’S first employee in the country and its Lead for Public Policy and Partnerships, Pragya Misra, is navigating the intersection of technology, policy and innovation. “It has just been an absolutely exciting ride for the last about eight months that I’ve been part of the company,” Misra tells BW. “I thought I knew what it would be like to be another first employee for a US tech company, but the AI world O is a completely new paradigm,” she adds, explaining that unlike traditional tech firms where engineers often take the lead, OpenAI’s researcherdriven approach has been a “refreshing change”. Shaping Tech Policy Before her foray into AI, she played an important role in shaping tech policy for WhatsApp and Truecaller, traversing regulatory complexities as their first hires in India. With India’s ChatGPT user base nearly tripling and the country ranking second globally in adoption, Misra is leading OpenAI’s efforts to engage with stakeholders. “I am spending a lot of time in our HQ in San Francisco, understanding the culture, communicating India’s vision and helping inform what is happening in India—the excitement around AI,” she says. By Rohit Chintapali Pragya Misra Leadfor Public Policy & Partnerships, OpenAI
78 | BW BUSINESSWORLD | 22 March 2025 n THE CHAMPIONS n Making an Impact TECH N an era where corporate turnarounds are hardwon, Aparna Iyer is emerging as the financial architect of Wipro’s resurgence. Appointed Chief Financial Officer in September 2024, Iyer has wasted no time in steadying the ship. Wipro’s stock has climbed from Rs 267 to Rs 320 on NSE by late January, with positive earnings logged during Q3 FY25, an uptick I that points to renewed investor confidence. A Wipro veteran since 2003, Iyer has honed her expertise in Internal Audit, Business Finance, Corporate Treasury, and Investor Relations. Most recently, as CFO of Wipro FullStride Cloud—one of the company’s fastest-growing business units—she played a pivotal role in strengthening financial operations. Financial Strategy Before that, as Corporate Treasurer and Head of IR, Iyer engineered Wipro’s forex strategy, fine-tuned capital allocation, and managed balance sheet exposure—critical levers in stabilising the firm’s margins. Her ability to anticipate risk and optimise resources has proven invaluable during turbulent times. Iyer’s analytical prowess and deep institutional knowledge make her indispensable alongside CEO Srini Pallia. Together, they are working to script a new chapter for Wipro—one where financial resilience meets strategic vision. By Team BW Aparna Iyer, CFO, Wipro CONGLOMERATE PEARHEADING marketing initiatives for one of India’s leading multinational conglomerates, Deepali Naair has witnessed a significant rise in women stepping into leadership roles across marketing, healthcare and technology. “While businesses recognise that diverse leadership drives better performance, sustained progress requires more than just policies—it demands structural change,” she asserts. Women in Boardrooms Naair emphasises that board representation is a critical area requiring immediate attention. “Bringing more S women into boardrooms is about improving diversity metrics and fostering diverse perspectives that lead to better governance and business outcomes,” she says. To accelerate this transition, she advocates for structured pathways that equip women with the right exposure, networks, and opportunities to take on influential board roles. “Organisations must go beyond intent and implement sponsorship programmes where senior leaders actively champion women’s advancement, offering mentorship, advocacy and access to high-impact opportunities,” Naair advises. She also stresses the need for regular bias training to address unconscious biases in hiring, promotions and workplace interactions. By Soumya Sehgal Inclusive Leadership Deepali Naair Group CMO, CK Birla Group MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 79 Malini Adapureddy Founder & CEO, Deconstruct N the ever-evolving landscape of direct-toconsumer (D2C) brands, Malini Adapureddy, Founder and CEO of Deconstruct, stands out not just for her business acumen but also for her advocacy for workplace inclusivity. “Today, we are a 70 per cent women-led organisation, which brings me immense joy, not just for the inclusivity but because 70 per cent of our target consumers are women,” she explains. Founded in 2021, Deconstruct is a science-backed personal care brand committed to transparency and efficacy. It recently raised Rs 65 crore from L’Oréal’s VC fund Bold, V3 Ventures and DSG Consumer Partners, with existing investors Kalaari Capital and Beenext also participating. The funding will drive product innovation, retail expansion and distribution growth. Purpose-driven Growth For Adapureddy, entrepreneurship is an emotional leap rather than a calculated move. “If you weigh down your options and take this the logical way, entrepreneurship can never happen,” she shares. “Do not unnecessarily try to chase that billion-dollar idea because everyone is saying that is a billion-dollar idea,” she cautions, urging entrepreneurs to build businesses aligned with their expertise and passion. Beyond business, she advocates for gender equality, stressing the need for systemic change. By Resham Suhail I n THE CHAMPIONS n Bold Bet on Innovation BEAUTY & PERSONAL CARE Empowering Entrepreneurs LUXURY ANGIBLE change dem a n d s m o r e t h a n conversation, it requires action. As Priyanka Gill, Founder and CEO of Coluxe, asserts that businesses must move beyond rhetoric to actively create opportunities for women at all levels. Gill says, “True leadership is about lifting others as you climb, and gender equality must T be a core business priority, not just a talking point.” Gill was a venture partner at Kalaari Capital, backing and empowering women entrepreneurs through initiatives like CXXO. She previously co-founded the Good Glamm Group and POPxo. Recently, she forayed into the fine jewellery sector and launched ‘Coluxe’. “Building a brand is both challenging and fun. It makes the Coluxe journey even more special,” she shares. In 2025, Coluxe is set to scale with a flagship store. Gill plans to enhance digital shopping with AI, expand brand collaborations and secure strategic funding for growth. Accelerating Change “In entrepreneurship, speed matters. The faster you experiment, the quicker you learn and iterate,” she believes. Hiring more women in leadership, ensuring equal pay, fostering mentorship and increasing funding for female-led startups are critical steps toward bridging the gap. She advises, “Start before you are ready. There will never be a perfect time, a perfect plan, or perfect circumstances.” By Resham Suhail Priyanka Gill Founder, Coluxe MOST INFLUENTIAL WOMEN
80 | BW BUSINESSWORLD | 22 March 2025 n THE CHAMPIONS n STRONG advocate for digital transformation and gender inclusion, Tuhina Pandey, Chief Marketing Officer and Director, Marketing and Communications at IBM India & South Asia, has been engaged in conversations about how technology can reshape economic futures. Reflecting on the convergence of artificial intelligence (AI) and communications, she says, “AI is not replacing human intelligence but augmenting it. The art of storytelling, powered by AI, can create deeper and more meaningful engagements.” A Tech-led Transformation TECH Building Bharat’s Fintech Future FINTECH TRAILBLAZER in India’s fintech landscape, Upasana Ta k u c o - f o u n d e d Mobikwik in 2009 with a vision to revolutionise the nation’s digital payment ecosystem. “Our big startup idea was not just about building a company but starting a movement that would change how India transacts, saves and invests,” she says. Taku’s professional tenure includes roles at HSBC and PayPal, A where she gained insights into global payment systems. Under her leadership, Mobikwik has evolved into a financial ecosystem, serving over 150 million users and 4.4 million merchants. “Payments is the foundation of growth,” she emphasises. Innovation remains central to Mobikwik’s ethos. In August 2024, the company recorded its first full profitable year, reporting a profit after tax of Rs 14.08 crore in the financial year 2024 (FY24), following a loss of Rs 83.8 crore in FY23. “It took 15 years of hard work to see the stats we see today,” Taku says. IPO Success A significant milestone was achieved in December 2024 when Mobikwik’s Rs 572 crore IPO was fully subscribed within an hour, attracting bids worth $4.7 billion, 120 times the shares on offer. “We will continue to upscale and innovate our products, empower more lives and stay true to our mission -- financial inclusion,” Taku states. By Resham Suhail Upasana Taku, Co-founder & CFO, Mobikwik Tuhina Pandey CMO & Director, Marketing & Comm., IBM India & South Asia Pandey believes increasing women’s workforce participation by just 10 percentage points could unlock over half of India’s potential GDP growth, pushing the country toward its $5 trillion economy vision by 2030.“However, this requires a long-term commitment spanning decades,” she highlights. Tech Acceleration “With seamless internet connectivity, women can unlock opportunities in education, employment, entrepreneurship, and financial inclusion,” she notes. IBM is advancing AI and hybrid cloud, focusing on automation, agentic AI, cybersecurity, quantum computing, responsible AI, talent upskilling and enterprise resilience. “The journey ahead is long, but the path is clear with technology as our accelerator,” asserts Pandey. By Resham Suhail n M MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 81 ALA Deshpande, Founder and Partner at MegaDelta Capital, believes the movement must go beyond privileged circles and create real opportunities for all. “The big change I want to see in India is the movement percolating to less privileged sections of society,” laments Deshpande.MegaDelta Capital is an India-focused mid-market growth fund that invests $15-25 million in companies at pivotal growth stages. The firm concentrates on healthcare, consumer, enterprise technology and disruptive innovations. Notable investments include FirstCry, Intelligence Node, Freo, Air Works Group and more. Navigating Exits Addressing sectoral challenges, she explains, “In my industry, executing exits is a key challenge. It demands a deep network, exit driver insights and business understanding. We brought all of that to bear fruit and deliver results.” While India is showing progress in gender equality, she remains sceptical. She explains, “Honestly, I am wary of these rankings. Corporate India has good practices and a defensible approach to gender inclusion. Our problem is not having a funnel that is wide enough. We need more women to enter the business or corporate stream.” She advises, “We must inculcate the culture of women for work, instil confidence and a ‘can-do’ attitude in young women”. By Resham Suhail B n THE CHAMPIONS n Funding Pivotal for Growth PRI VATE EQUIT Y/ V ENT URE CA PITA L BF SI / FASHION UCHI Deepak has built a career on navigating complexities across fintech, insurance and now, fashion. Apart from Acko, her entrepreneurial journey also includes the founding of Jolene.Club and Airloom Lifestyle. At Acko, she tackled not just regulatory hurdles but also the deep-rooted scepticism surrounding insurance. With Jolene.Club, the challenge evolved into bridging the gap between brands and consumers in fashion. “A consumer business has its nuances,” she notes, adding, “From trend analysis, supply chain, time-tomarket, to maintain healthy returns, AI has been instrumental in solving these.” R H e r j o u r n e y h a s been anything but linear, marked by moments where quitting seemed like the easiest option to her. Embedding Inclusivity For her, inclusivity is more than just policy. It must be ingrained in a company’s culture. She highlights two critical areas: ensuring women have access to strong support systems, whether through mentorship, funding, or networking opportunities, and evolving hiring practices to not only bring more women into leadership roles but also retain them. Furthermore, she stresses, “Gender diversity is not just a checkbox. It drives better decision-making and stronger business outcomes.” By Resham Suhail A Mastermind In Motion Ruchi Deepak Co-founder, Acko & Founder, Jolene.Club Bala Deshpande Founder & Partner, MegaDelta Capital MOST INFLUENTIAL WOMEN
82 | B W BUSINESSWORLD | 22 March 2025 n THE CHAMPIONS n FORCE r e s h a p i n g the investment landscape, Seema Chaturvedi champions a future where gender equity drives superior financial returns. As the driving force behind Achieving Women Equity (AWE) Funds, she has spent over 25 years navigating capital markets, investment banking and strategic advisory, all while advancing women’s economic empowerment. Systemic Transformation Her mission goes beyond funding, it is about systemic transformation. Through initiatives like All India A Investing In Change PRI VATE EQUIT Y/ V ENT URE CA PITA L The Visionary Technocrat TECH RIVING change in finance, technology and leadership takes more than expertise, it demands vision. With a career spanning global banking and tech, Jaya Vaidhyanathan, as CEO, has been leading BCT Digital in risk management while championing women’s leadership.“I believe four key pillars -- innovation, investment, infrastructure and inclusion -- are essential for reimagining the way forward. Strengthening infraD structure and embracing inclusion will ensure diverse perspectives shape tomorrow’s leadership,” she states. Driving Diversity and Global Expansion She emphasises action over rhetoric and explains, “Entrepreneurship is not just about compliance metrics. Leaders must place women in revenue-generating roles, mentor them for P&L, technology and board positions and ensure diversity becomes a business mandate.” She advises, “We need womencentric venture funds, collateral-free credit and greater representation in policymaking.” Under her leadership, BCT Digital’s rt360 Real-Time Monitoring System, tested with IDBI Bank, received RBI approval for fraud detection. She plans to expand into Western Europe, North Africa, Southeast Asia, and Australia. “We are scaling AI-driven ESG and climate risk solutions, strengthening our GRC offerings,” she shares. By Resham Suhail Jaya Vaidhyanathan CEO, BCT Digital Seema Chaturvedi Founder & Managing Partner, AWE Funds Roadshow for Women’s Economic Empowerment through Entrepreneurship, supported by the U.S. Department of State, she has mentored hundreds of women across India, igniting a ripple effect that has touched thousands. At AWE Funds, her investment thesis is clear, businesses that integrate gender-smart strategies not only uplift communities but also unlock outsized financial gains. With a focus on sustainability, deeptech, fintech, healthcare and the future of work, AWE Funds writes initial cheques of $500,000 to $1 million, scaling up to $3 million. The firm is on track to empower 30 million women by 2030, leveraging innovation to bridge economic divide. Beyond capital, AWE Funds fosters talent through its Women in Investing Fellowship, cultivating a new generation of women in venture capital. By Resham Suhail MOST INFLUENTIAL WOMEN
22 March 2025 | BW BUSINESSWORLD | 83 n THE CHAMPIONS n BFSI Amisha Vora Chairperson & MD, PL Capital Group Visionary Leader In Capital Markets ONVICTION defines success in capital markets. For Amisha Vora, it has been the foundation of a career spanning 35+ years – built on sharp market instincts, strategic foresight, and an unrelenting drive for innovation and excellence. From accurately forecasting earnings early in her career to scaling one of India’s most respected financial firms, her journey reflects the impact of expertise, perseverance, and vision. A Chartered Accountant at 21, Vora began her career in 1988 as a research analyst at JM Financial. In an industry where few women held leadership roles, she quickly made her mark. By 2000, she joined PL as Vice President – FII Sales, marking the beginning of a transformational journey for both herself and the firm. Today, as Chairperson and MD of PL Capital Group – Prabhudas Lilladher, she leads a firm that has grown from a modest 100 sq. ft. office in 1944 into a financial services powerhouse. Holding a 96 per cent stake in the group, she has played a pivotal role in its expansion, scaling the Institutional Business 36x (2002–2008), helping corporates raise US$ 1.8 billion (2005–2008), and diversifying into NBFC (2006), Investment Banking (2007), and PMS (2005). Taking charge of retail in 2012, she drove a 10-fold growth over the next decade. Plus, recognising the power of data-driven decisionmaking early on, she enabled PL to pioneer quant-based asset management in India. Redefining Industry Standards Under her leadership, PL provides researchdriven advisory and solutions across Wealth Management (Broking, Investment Advisory, Lending), Asset Management (PMS, AIF), and Capital Markets (Institutional Equities, Investment Banking). With 160,000+ clients – including 4,000+ HNI/UHNI and 100+ institutional clients –,1,200+ partners, and a presence in 250+ locations, PL manages a DP AUM exceeding Rs 30,000 crore. Vora serves on the boards of the CII-Capital Markets Committee and the Association of Portfolio Managers of India and is a soughtafter voice on financial markets. Her contributions have earned her numerous accolades, including the Rashtriya Udyog Ratan Award 2021 for Corporate Leadership, Annual Impact Creator Award by the Governor’s Office & Government of Maharashtra in 2021, and the Women Empowerment Principles Leadership Award 2019-20 by the United Nations. Her vision is to build an integrated financial ecosystem that prioritises sound decision-making, seamless execution, and sustained value creation. She thrives on discipline and perseverance, values that extend beyond boardrooms. At 56, she challenged herself to complete the Everest Base Camp trek, a testament to her resilience. By staying agile and maintaining an unwavering commitment to value-addition, she has continually redefined industry standards. Because for Vora, the journey is never about reaching a single milestone – it’s about continuously raising the bar. C MOST INFLUENTIAL WOMEN
84 | B W BUSINESSWORLD | 22 March 2025 n THE CHAMPIONS n AAKSHI Verma Menon highlighted the essence of understanding consumer behaviour across multiple markets in an earlier conversation with BW, when she was recognised among India’s Top Marketers 2024. She said, “It’s been very interesting to see that while universal consumer human truths resonate across countries, there are parametric variations in the form of cultural sensitivity, market dynamics, consumer needs, taste palettes, and many more.” A firm believer in human-centric marketing, Menon has always prioritised a S Know the People F MC G Beauty, Business and Ambitions BEAUTY & PERSONAL CARE REAKING barriers comes naturally to Honasa Consumer’s Co-founder and CIO, Ghazal Alagh. While Mamaearth’s 2023 IPO was a milestone, she sees success beyond market listings. It is about creating a space where women do not just participate but lead. Alagh says that we have come far, but we are just beginning. Women have always been capable, yet opportunities have remained scarce for too long. B For real progress, she believes capital must flow toward women-led ventures, workplaces must be designed for equal opportunity, and mentorship should become a norm, not an exception. “Are we funding women’s ideas? Are we fostering cultures where women feel safe and empowered? Real impact requires action, not just conversation,” she adds. Women in Leadership Mamaearth reclaimed profitability in Q3 FY25, posting a net profit of Rs 26 crore, nearly flat Y-o-Y. Parent company Honasa Consumer saw revenue rise 6 per cent to Rs 518 crore. Honasa plans to scale its offline footprint, enter global markets and push forward on sustainability. “We are also doubling down on innovation,” Alagh informs. She advocates for early financial literacy, grassroots mentorship, and stronger funding networks to accelerate women’s participation in leadership. By Resham Suhail Ghazal Alagh Co-founder & CIO, Honasa Consumer Saakshi Verma Menon Senior Marketing Director, Africa Middle East & South Asia, PepsiCo deep connection with consumers. Whether navigating the nuances of multiple geographies or adapting to rapidly evolving digital and sustainability trends, she ensures that PepsiCo’s marketing strategies remain ahead of the curve. Innovating for the Future A guiding mantra for Menon is that consumer expectations drive the next wave of innovation. At PepsiCo, this means investing in sustainability, digital transformation and passion points such as music, sports and entertainment to stay relevant. With a keen ability to bridge global strategies with local market needs, she is among the few regional marketing leaders in India who not only understand markets but also bring that understanding into impactful action. By Noor Fathima Warsia MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 85 TRATEGIC risk-taking, market acuity, and disciplined execution define Vineeta Singh’s trajectory. As the Co-founder and Chief Executive Officer of Sugar Cosmetics, she has reshaped India’s beauty landscape. What began as a digitalfirst experiment in 2012 has become a venture that commands a multi-crore presence across online and offline channels. An IIT Madras and IIM Ahmedabad alumna and ultramarathoner, Singh rejected a Rs 1 crore job offer to build a homegrown beauty brand. She identified a gap in high-performance, crueltyfree cosmetics suited to Indian skin tones. Sugar Cosmetics capitalised on this void, blending aggressive digital marketing with targeted retail expansion. Market Influence According to media reports, despite fierce competition, the brand crossed Rs 500 crore in revenue for FY24. Precision in consumer engagement and distribution has underpinned its ascent. While maintaining a strong direct-to-consumer presence, Sugar has secured shelf space in major retail chains, reinforcing its mass appeal. The company’s rise is less about glamour and more about execution, agility and a sharp grasp of consumer behaviour, an area where Singh keeps innovating to ensure relevance and growth. By Team BW S n THE CHAMPIONS n Building A Beauty Brand BEAUTY & PERSONAL CARE EDUCATION ORN to high school teachers in a village in Kerala, Mini Shaji Thomas did what all bright students did in 1979—she enrolled for a degree in engineering. She did her MTech in electrical engineering from IIT Madras and PhD in electrical engineering from IIT Delhi. Even before her first leadership position as Head of the Department of Electrical Engineering at Jamia, she established two labs and started MTech programmes at the university. She established the Public Information Office of Jamia, the Centre for Innovation & Entrepreneurship and the Livelihood Business Incubator. B Strategic Growth Taking up directorship of NIT Trichy in 2016, she prepared five-year and 25-year strategy plans for the institute involving all stakeholders and implemented them in the true spirit. The institute’s NIRF ranking improved from 12 to eight during her tenure. Since returning to Jamia as Dean in 2022, she has overseen the launch of three new BTech and two new MTech programmes. Her advice to science and engineering aspirants, especially girls, is to ensure that the right support systems are established back home, that proper lighting and toilet facilities are available in labs, and not to claim any special treatment as a woman. By Meha Mathur Engineering Change Mini Shaji Thomas Dean –Faculty of Engineering & Technology, Jamia Millia Islamia Vineeta Singh Co-founder & CEO, Sugar Cosmetics MOST INFLUENTIAL WOMEN
86 | B W BUSINESSWORLD | 22 March 2025 n THE CHAMPIONS n HE global call to accelerate gender equality resonates deeply with women entrepreneurs like Sairee Chahal. A technology entrepreneur and founder of platforms like Sheroes, Mahila Money and Appreciate Capital, she emphasises the urgency of unlocking access to capital in all forms, including debt, equity and gender-budgeted funds, to drive tangible change. She says, “As a founder, I also feel we came from middle-class backgrounds, where failure was not an option. Failing fast is a feature in entrepreneurship and not a bug. I would take more risks in my entrepreneurial journey.” T Batting for Financial Equality PRI VATE EQUIT Y/ V ENT URE CA PITA L Leading With Experience S Chief Executive Officer of Publicis Groupe South Asia, Anupriya Acharya brings three decades of experience across media and advertising in India and Southeast Asia. “Having taken leadership roles at a relatively young age, I thought there was more to learn. How naïve I was,” Acharya reflects candidly. With nearly two decades in country leadership roles, she acknowledges that every year brought her new growth. Her A leadership philosophy centres on embracing challenges. “I embrace with open arms. In fact, I look forward to all new challenges that come my way,” she notes. Acharya’s journey inspires young women aspiring to break barriers and lead with confidence. In her advice to women aspiring to leadership roles, she mentions, “Believe in yourself. Stay focused and speak up more.” Championing Gender Diversity Acharya has witnessed a positive shift in gender diversity in leadership roles but believes there’s still more work to be done. “Indeed, there is progress, but it can be much more,” she says, emphasising the need for companies to create pathways for women to rise actively. Her leadership style is centred around mentorship, empowerment and inclusivity, ensuring women are given equal opportunities to lead, influence, and drive change in their respective fields. By Reema Bhaduri Anupriya Acharya Chief Executive Officer, Publicis Groupe South Asia Sairee Chahal Founder & Chairperson, Founding Partner, Mahila Money & Appreciate Capital Unlocking Capital Chahal has been instrumental in launching the Mahila Money platform, which aims to provide debt capital to women entrepreneurs building small businesses. Additionally, she has invested in over 18 companies through Appreciate Capital, an early-stage fund, allocating more than 50 per cent of capital to women founde r s a n d m a r k e t s . L o o k i n g ahead, Chahal’s focus remains on unlocking capital for women entrepreneurs. In addressing the persistent gender inequality, Chahal advocates for ecosystem-level investments and the inclusion of mainstream stakeholders. “Including men in the conversation, managing the caregiving economy, enabling men to take more responsibilities in caregiving and unpaid household labour are important steps,” she notes. By Resham Suhail MARKETING & ADVERTISING MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 87 n THE CHAMPIONS n A Value-driven Culture LEADER with over two decades of experience in the media industry, Anita Kotwani is known for her strong work ethic and ability to foster meaningful relationships—qualities that define her charismatic leadership. Kotwani draws inspiration from the book The 4 Disciplines of Execution, which taught her that “strategy without execution is merely a hallucination”. “This insight became the cornerstone of my leadership style, guiding A Charismatic Leader Anita Kotwani CEO, Media -South Asia, Dentsu me to not only craft clear strategic initiatives but also to execute them effectively using the 4DX framework,” she comments. Driving Media Excellence Kotwani strongly emphasises mentorship, inclusivity, and diversity in the workplace. She believes in fostering an environment where talent can thrive and driving a culture of collaboration, innovation, and continuous learning. Her ability to build and nurture teams has made her one of the most respected leaders in the industry. She is passionate about grooming the next generation of media professionals. As CEO, Media South Asia, of Dentsu, Kotwani leads a diverse portfolio, overseeing Carat, iProspect, Dentsu X, Posterscope, and the media investment arm, Amplifi. Her ability to blend strategy with execution has driven growth and innovation across the media landscape. By Soumya Sehgal A MARKETING & ADVERTISING EPHZIBAH Pathak has made history as the first woman to lead Ogilvy India as its Executive Chairperson. She attributes her leadership journey to key lessons—the power of delegation, the art of influence, and the ability to collaborate. Recognised as one of Ogilvy’s most trusted partners, Pathak has built a reputation for nurturing relationships and mentoring emerging talent. She believes that a strong, value-driven culture keeps people engaged and inspired. This is reflected in her ‘Juno’ initiative, designed to empower and elevate the next generation of women leaders at Ogilvy India. H Culture & Confidence For Pathak, culture is the true differentiator in any organisation. As a leader, she sees it as her responsibility to nurture and protect this foundation. She emphasises balancing affiliation with task orientation, ensuring that teams are empowered and highperforming. Advising young women who aspire to leadership positions, she says, “You are better, smarter and stronger than you believe. Raise your hand for the challenging assignments. Lean in when your heart says so, even if your mind doesn’t support it, and things will fall into place. Women need to have a ‘career intentionality’. You must stay the course, reach out for support, and work through the tough bumps.” By Soumya Sehgal Hephzibah Pathak Executive Chairperson, Ogilvy India MARKETING & ADVERTISING MOST INFLUENTIAL WOMEN
88 | BW BUSINESSWORLD | 22 March 2025 n THE VANGUARDS n As an actor, producer, entrepreneur & mental health advocate, Deepika Padukone has balanced areas of responsibility in her life superbly, inspiring women to push beyond self-imposed limits By Jyotsna Sharma Balancing Fame & Purpose FILMS SING YOUR influence to affect positive change is what makes one an influential person—going beyond the ‘self’. Deepika Padukone is one such individual. Back in the day, when she spoke about her struggle with depression, she encouraged many to come forth and speak about their mental health. It was a courageous decision, and she was admired for it. She has since, through her foundation, Live Love Laugh, worked tirelessly towards building awareness, and improving accessibility and affordability of mental health services. Speaking of her as an actor, the performance that instantly comes to mind is Piku — viewers found themselves laughing and crying with Piku throughout the film. Of course, this award-winning actor has starred in over 30 feature films including blockbusters such as Pathaan, Jawan, Kalki 2898 AD, and XXX: Return of Xander Cage, and is India’s highest-grossing female superstar with global box office collections. By being the first ever Indian to be signed by global luxury fashion houses for Louis Vuitton and Cartier, she set the stage for the country’s growing influence globally U and has further paved the way for other Indian celebrity faces to join the wave in subsequent years. An entrepreneur, she founded 82°E, a self care brand launched in 2022. Rooted in her journey, she chose skincare as its foundation— built on her philosophy of embracing simple yet effective rituals that feel most authentic to her. Additionally, she is an investor across sectors from Space Tech and sustainability to consumer goods. “I wish to empower and back Indian brands that represent India at a global level” Who to you is the most inspirational woman of all time? Why? Professionally, I have drawn inspiration from leaders such as Kiran MazumdarShaw and Indra Nooyi. On the personal front, it would be my mother, especially now that I have become a mother. I appreciate the influence she has had on my life and value the fact that despite being a 88 | BW BUSINESSWORLD | 22 March 2025 MOST INFLUENTIAL WOMEN Deepika Padukone Actor, Producer, Entrepreneur & Mental Health Advocate
22 March 2025 | BW BUSINESSWORLD | 89 n THE VANGUARDS n working woman she was always a present mother. You have invested in diverse sectors, from skincare to lifestyle. What inspires your investment decisions across such varied industries? It was my father who suggested I start looking at areas outside the usual portfolio of investments. Of course, I have a team of advisors who evaluate investments and everything is done in a serious well-thought-out manner. Yes, my investments have been varied be it Epigamia, BLU Smart, Bellatrix or even Nua. I have not been bound to any one sector. When I meet the brands and feel there is authenticity in the story, that is when I back them. If I had to talk about one common factor across all my investments, it would be ‘India first’, which seems to be a trend now, but I have been on this journey for almost a decade. I wish to empower and back Indian brands that represent India at a global level in the truest sense. Sustainability is a growing trend. Many of your investments align with green initiatives. How important is sustainability in your investment strategy? It is definitely an important factor but like I said, it is the core of the business and their mission that must appeal to me. How do you maintain your fitness and energy levels, especially when managing the demanding schedules of acting and all the other aspects of your life? I am very good at compartmentalising all the roles I fit into. Also, it takes an incredible amount of discipline and time management. Another key factor is the ability to say no and draw boundaries when feeling overwhelmed. Lastly, communicating when support is needed. What does success mean to you? Peace of mind! [email protected] 22 March 2025 | BW BUSINESSWORLD | 89 Photograph: Vaishnav Praveen, House of Pixels,Styled by Priyanka KapadiaHair: Yianni Ysapatori, Make up: Anil Chinnappa MOST INFLUENTIAL WOMEN
90 | BW BUSINESSWORLD | 22 March 2025 Bhumi Pednekar ACTOR & CLIMATE WARRIOR OU would know her from Dum Laga Ke Haisha, a Hindi language film that won her accolades. Pednekar has over the years delivered solid performances on the silver screen such as her portrayal of Jaya in Toilet: Ek Prem Katha, earning much admiration. In addition to acting, Pednekar is a climate warrior and works relentlessly to create awareness about the impact climate change is having on our planet. In 2023 she was appointed a national advocate for Sustainable Development Goals (SDGs) by the United Nations Development Programme (UNDP) India. And, also is the goodwilll ambassador to Healing Himalayas. Climate Warrior “Climate action has been at the core of my journey, and I am committed to scaling up efforts that drive real change. This year, my focus is on expanding community-led climate initiatives, working closely with grassroots organisations to implement sustainable solutions. I also aim to amplify climate literacy through digital and on-ground campaigns, ensuring more people—especially the youth—are empowered to take action. The fight against climate change needs collective effort, and I hope to use my platform to inspire, educate, and drive meaningful impact” says Pednekar. By Jyotsna Sharma Y Making a Positive Impact FILMS Custodian of Indian Art ART S THE chairperson of the Kiran Nadar Museum of Art (KNMA), established in 2010, Nadar is credited with increasing the visibility of Indian art as well as making it accessible to the common man. The collection comprises over 15,000 artworks, representing all major phases of modern and contemporary Indian art, showcased at the two A KNMA spaces. The museum regularly collaborates with renowned museums including the Metropolitan Museum of Art (New York), and Tate Modern (London), among others. At a recent BW Businessworld forum, reflecting on the increasing global interest in Indian art, Nadar noted that international museums, collectors, and auction houses have begun actively engaging with India. “For a long time, the Western response to Indian art was limited, but today we are seeing a shift. The number of delegations from foreign museums participating in our fairs and exhibitions is a testament to this growing recognition,” she said. KNMA is set to open a new state-ofthe-art building near Delhi’s Indira Gandhi International Airport. It is planned to be a global cultural hub for visual arts, music, dance, and theatre. In 2024, she was honoured with the Padma Shri for her contribution to the arts. In 2023, she was bestowed with Knight of the Legion of Honour, the highest French civilian award. By Jyotsna Sharma Kiran Nadar CHAIRPERSON, Kiran Nadar Museum of Art & TRUSTEE, Shiv Nadar Foundation n THE VANGUARDS n MOST INFLUENTIAL WOMEN
22 March 2025 | B W BUSINESSWORLD | 91 Rimple Narula MANAGING DIRECTOR & CO-FOUNDER, Rimple and Harpreet HE RIMPLE and Harpreet Narula label beautifully marries couture with craft and heritage. Their designs are inspired by ancient crafts, artifacts and architecture, and are handcrafted on rare and vintage textiles. Each collection explores ancient motifs a n d patterns combined with rich colours and is deeply rooted in tradition. While Harpreet is the creative synergy behind the label’s opulent couture creations, Rimple is the brains behind its retail operations. The label is credited with costume design for Sanjay Leela Bhansali’s Padmaavat. The minutely detailed ensembles for the movie garnered accolades for the designers. They also worked on key projects such as Ek Ladki Ko Dekha Toh Aisa Laga, Housefull 4, Bhool Bhulaiyaa 2 as well as Made in HeavenSeason 2, Sanjay Leela Bhansali’s Heeramandi on Netflix. The next on their list is Nitesh Tiwari’s Ramayana featuring actor Ranbir Kapoor. “Success, to me, is not just a stage in life. It is a sense of achievement and a parameter of measuring freedom - freedom of speech, and of choosing priorities. It is, in essence, finding purpose in life. To me, a successful person sets an example for others to follow, and that is what I strive to achieve every day, “says Narula. With flagship stores in Delhi, Ludhiana and Mumbai, the label also retails from Aza, The Bridal Trunk, London, Aashni+Co., London and Mumbai, The Grand Trunk, San Francisco as well as Sanskrit in Hong Kong. By Jyotsna Sharma T An Astute Businesswoman FASHION Understanding the Past ART & HERITAGE ISTORY, books, art curation, heritage conservation -- if you hear all these terms together, know that it is none other than Swapna Liddle. She is known for her extensive research on Delhi’s history, especially its buildings, architecture and food. Some of her notable publications include Shahjahanabad: Mapping a Mughal City, Chandni Chowk: The Mughal City of Old Delhi and The BroH ken Script. Her love for history developed in school, and she thanks her senior school teacher for that. It awakened an interest in the subject that has lasted to this day. In college, she learnt to appreciate how understanding the past could help make sense of the world. That, according to her, is what makes history so meaningful. “It makes it worth protecting as a discipline, and we can do it if we practice it with rigour and a sense of scientific inquiry,” says Liddle. Historical Integrity She believes that history, or rather a distorted, pseudo-history, has become a tool for identity politics. This interferes with the discipline’s honest practice. In her view, everyone must realise that history is a way of understanding the past dispassionately. “We must recover that scientific spirit, particularly in the general public’s approach to history and historians,” advises Liddle. By Upasana Swapna Liddle HISTORIAN,WRITER, ART CURATOR, HERITAGE CONSERVATOR n THE VANGUARDS n MOST INFLUENTIAL WOMEN
92 | BW BUSINESSWORLD | 22 March 2025 Anupriya Patel Union Minister of State for Health and Family Welfare, Chemicals and Fertilisers ORN on April 28, 1981, in Kanpur, Uttar Pradesh, Anupriya Singh Patel is a prominent political leader dedicated to public service and social welfare. The daughter of the late Sone Lal Patel, founder of Apna Dal, she has played a key role in advancing his political and social vision. B Espousing Health, Social Welfare GOI Persistent Politics NNAPURNA Devi Ya d av, b o r n o n 2 Februar y 1970, is an Indian politician. Serving as the Minister of Women and Child Development since 2024, she is also a member of the Lok Sabha from Kodarma in Jharkhand. She has held various major positions throughout her political caA reer. She was elected to the 18th Lok Sabha in June 2024. Earlier, she served as the Union Minister of State in the Education Ministry. She is also a Member of the Consultative Committee for the Ministry of Power and Ministry of New and Renewable Energy. At the state level, she was the Cabinet minister for the Ministry of Irrigation, Women & Child Welfare and Registration in the Jharkhand government (2012- 2014). From 2005 to 2009, she led the Committee on Women & Child Welfare in the Jharkhand Legislative Assembly. She consecutively served as a member of the Jharkhand Legislative Assembly for two terms (2005 - 2014). Before this, she was the Minister of State for the Ministry of Mines and Geology, Government of Bihar, in 2000 and a Member of the Bihar/Jharkhand Legislative Assembly from 2000 to 2005 and the Bihar Legislative Assembly from 1998 to 2000. By Team BW Annapurna Devi Union Minister of Women and Child Development She holds a Bachelor’s degree from Lady Shri Ram College, University of Delhi, and an MBA from Chhatrapati Shahu Ji Maharaj University, Kanpur. Before politics, she worked as an educator and social worker, shaping her policy approach. Patel entered politics in 2012 as an MLA from Rohaniya, Varanasi. In 2014, she won the Mirzapur Lok Sabha seat, marking her national debut. Re-elected in 2019 and 2024, she continues to maintain strong grassroots support. She has held key ministerial roles, including Union Minister of State for Health and Family Welfare (2016-2019) and Commerce and Industry (2021-2024). In June 2024, she was appointed Union Minister of State for Health and Family Welfare and Chemicals and Fertilisers. As national president of Apna Dal (Sonelal), Patel champions marginalised communities. Her leadership focuses on social justice, healthcare, and economic growth, making her a key figure in Indian politics. By Team BW GOI n THE DISTINGUISHED n Photograph courtesy: PIB Photograph courtesy: PIB MOST INFLUENTIAL WOMEN
22 March 2025 | BW BUSINESSWORLD | 93 Savitri Thakur Union Minister of State for Women & Child Development AVITRI Thakur, Minister of State for Women and Child Development, is a committed leader known for her dedication to empowering women and marginalised communities. Born on June 1, 1978, in Kalikiray, Dhar district, Madhya Pradesh, she has played a significant role in grassroots development and policymaking. Her political career began as the chairperson of Zila Panchayat (2004–2009), where she focussed on rural development, local governance, and women’s empowerment. She later served as the national vice president of BJP Kisan Morcha (2017–2020), where she worked extensively on agricultural policies and farmer welfare. She was first elected as a Member of Parliament from Dhar in 2014 and re-elected in 2024, reflecting her strong grassroots connect and leadership. Thakur has been a staunch advocate for women’s empowerment, leading initiatives such as job-oriented training programmes, promoting self-help groups, and financial inclusion for tribal women. Her work in Parliament has included serving on key committees like the Empowerment of Women and the Social Security Scheme. Married to Tukaram Thakur, with whom she has two sons, she remains focussed on social development, with a special emphasis on education, healthcare, and economic opportunities for women and children, making a lasting impact on society. By Tarannum Manjul Championing Social Welfare GOI A Trailblazer in Karnataka Politics ORN on October 23, 1966, in Charvaka village near Puttur, Karnataka, Shobha Karandlaje has emerged as a key figure in Indian politics. Her early association with the Rashtriya Swayamsevak Sangh (RSS) shaped her commitment to public service. She holds a Bachelor’s degree in Arts from St. Philomena College, Puttur, a B Master’s in Social Work from Mangalore University, as well as in Sociology from Mysore University. Karandlaje joined the Bharatiya Janata Party (BJP) in 1996, serving as general secretary of the Udupi District BJP Mahila Morcha. She was elected to the Karnataka Legislative Council in 2004 and later won the Yeshwanthapura Assembly seat in 2008. As a minister, she handled key portfolios, including Rural Development and Panchayat Raj, Energy, and Food and Civil Supplies. Under her leadership, the Rural Development Ministry was ranked India’s best-performing state department. Entering national politics in 2014, Karandlaje won the Udupi-Chikmagalur Lok Sabha seat and was re-elected in 2019. In 2024, she secured a seat from Bangalore North. She has held ministerial roles in Agriculture and food Processing and currently in Micro, Small, and Medium Enterprises and Labour and Employment. Popularly known as Shobhakka, she remains dedicated to governance and public welfare at both state and national levels. By Team BW Shobha Karandlaje Union Minister of State for Micro, Small & Medium Enterprises and Labour and Employment GOI n THE DISTINGUISHED n Photograph courtesy: PIB Photograph courtesy: PIB S MOST INFLUENTIAL WOMEN
94 | BW BUSINESSWORLD | 22 March 2025 n THE DISTINGUISHED n Rooted in Grassroots Empowerment IMUBEN Jayantibhai Bambhaniya, Minister of State for Consumer Affairs, Food and Public Distribution, has built an inspiring political career rooted in grassroots activism, administrative expertise, and unwavering dedication to public service. She began her journey as a BJP worker while serving as an educator, steadily rising through the party’s ranks to hold key leadership roles at the disN trict and state levels. Her formal entry into politics came in 2005 when she was elected as a Corporator of Ghogha Circle Ward No. 13, a position she held until 2020. She played a vital role in local governance and development initiatives during this period. She later served two terms as the Mayor of Bhavnagar Municipal Corporation, contributing significantly to the city’s infrastructure, public welfare, and urban development. Over the years, she has held various leadership positions in the BJP, including Vice President of Gujarat State Mahila Morcha and Prabhari of multiple districts, actively expanding the party’s outreach and engagement. In the 2024 Lok Sabha elections, she secured a decisive victory from Bhavnagar, reaffirming her deep grassroots connect and public trust. Now serving in Prime Minister Narendra Modi’s government, she is committed to strengthening consumer rights, ensuring efficient food distribution, and formulating policies that benefit citizens, particularly those in rural and underserved communities. By Tarannum Manjul Vartika Shukla Chairman & MD, Engineers India Strengthening India’s Energy Infra N HER final year of graduation at IIT Kanpur, Vartika Shukla faced a tough choice. Like most of her classmates, her professor encouraged her to look for opportunities outside India. But Shukla had a clear vision of giving back to the nation and contributing to the country’s development. Today, she is truly in a distinguished league as the only I woman to head a Navratna CPSE. Taking charge as the CMD of Engineers India (EIL) in 2021, the CPSE has seen improved profitability, cost management and operational efficiency. The company’s order book has doubled. In FY24, the company achieved an order inflow of approximately Rs 3,400 crore, but this year, the company already surpassed Rs 7,000 crore till January. Shukla spearheaded the return of the CPSE into the non-ferrous metallurgy sector, its entry into the steel sector and new inroads into the biofuels and green hydrogen sector. She is also spreading the company’s footprints into the international market, particularly in the MENA region, as part of the broader strategy to expand the company’s business volume and explore new markets. Looking ahead, Shukla now has her eyes fixed on the booming semiconductor sector, mining and mineral and cashing in on the massive demand for the construction of academic institutions. By Team BW INFRASTRUCTURE Nimuben Jayantibhai Bambhaniya Union Minister of State for Consumer Affairs, Food & Public Distribution GOI Photograph courtesy: Engineers India Limited Photograph courtesy: PIB MOST INFLUENTIAL WOMEN
Annapurni Subramaniam Director, Indian Institute of Astrophysics HE GALAXY of astronomers is dominated largely by male scientists, but Annapurni Subramaniam has created a unique place for herself in this field. She was the calibration scientist for the Ultraviolet Imaging Telescope onboard AstroSat and carried out the in-orbit performance verification phase. She has contributed to the Thirty-Meter Telescope, which is being built by an international consortium with India as a partner. She is the Principal Investigator of the proposed next-generation UV-optical space telescope. She has published about 175 research publications on topics such as star clusters, stellar populations, galaxies and ultraviolet astronomy. Her journey in science and astronomy has also been fascinating. Born to acclaimed musicians in Kerala, Subramaniam grew up in a household visited by the musical fraternity, with no role model in the sciences to look up to. Being good in physics and maths and fascinated by the sky, she charted her own course. By the time she was in her master’s programme, she was setting up experiments and explaining concepts to her peers. Subramaniam acknowledges the challenges that a leadership position brings for women academics. “You are running multiple marathons, administrator, as an academic, and as a family person.” But her passion for the subject and pursuit of excellence has been her North Star all along. By Meha Mathur Charting New Horizons SCIENTIFIC RESEARCH & EDUCATION n THE DISTINGUISHED n T MOST INFLUENTIAL WOMEN Partner with us: [email protected] vkidk iSlk vkidh Hkk"kk @bwhindi www.bwhindi.com
96 | BW BUSINESSWORLD | 22 March 2025 SPOTLIGHT MSME Women Leaders CONSIDER this: a confident entrepreneur walks into a bank with a strong business plan, years of experience and the drive to build something of her own. She ticks every box on paper -- education, expertise and a vision to transform the industry. Yet, as she sits across from the loan officer, the talk veers from numbers and strategy to collateral and ‘family support’. An unspoken question hangs in the air, casting a shadow of uncertainty. This scenario is more often real than imaginary. Across the country, several women are fighting a silent battle against market competition and an invisible wall of bias. While the government promotes entrepreneurship and financial inclusion, the reality remains harsh. Banks hesitate, investors question, and opportunities slip through their fingers, not for lack of merit but for lack of trust. This scenario reflects a broader trend in India’s MSME sector, the backbone of the economy, as it contributes about Loans, Leadership & Bias India’s streets echo with stories of resilience, yet its MSME business networks tell a different tale—one where securing funding, finding mentorship and growing remains an uphill climb for women entrepreneurs By Abhishek Sharma 30 per cent to the nation’s gross domestic growth (GDP). According to the MSME Ministry Performance dashboard, the total number of women-owned MSMEs registered on the Udyam portal is 2.4 crore today, a significant rise from 1.84 crore (18.4 million) reported in July 2024. However, despite the progress, challenges persist. The Economic Survey 2025 highlights that while over 50 per cent of India’s artisans are women, only 22 per cent of MSMEs are women-owned, suggesting underrepresentation in formal enterprises. Experts say this disparity highlights the need for continued efforts to support women entrepreneurs, particularly in accessing finance and overcoming systemic biases. Biases and Prejudices “Women entrepreneurs in India do not lack talent or ambition; access holds them back. Unconscious gender bias and systemic barriers limit their chances to thrive. One of the Photograph by Rawpixel
22 March 2025 | BW BUSINESSWORLD | 97 biggest hurdles for womenowned MSMEs is securing formal capital,” says Kinara Capital’s Founder and CEO Hardika Shah. According to the IFC, women face a 19 per cent rejection rate, more than twice that of men. The traditional assessment model, which relies on collateral, is a key reason. In a country where 57 per cent of women do not own a house independently or jointly, benchmarking creditworthiness on collateral puts them at a disadvantage. This, with inherent bias, makes it nearly impossible for women to get formal credit. Societal expectations add to the challenge. Even today, women are expected to prioritise home and caregiving duties. Indian women aged 15 to 60 spend an average of 7.2 hours daily on unpaid domestic work, limiting the time they can devote to their businesses. Mobility constraints also hinder opportunities. With over 650 million smartphone users, women are 30 per cent less likely than men to use mobile internet, restricting access to online marketing and ecommerce. GoDaddy’s 2025 Global Entrepreneurship Survey reveals that about 27 per cent of small businesses surveyed are women-owned, with 74 per cent reporting as having started their business in the last five years. Despite mixed emotions about the current economy, with only 38 per cent feeling very optimistic, women entrepreneurs remain resilient. Eightyone per cent believe their business will grow in the next three to five years, which is higher than men (77 per cent). Over 38 per cent of women entrepreneurs in India are the primary income earners for their households. They contribute to local economies, create new jobs and support families. In addition to finding fulfillment in creating their source of income (58 per cent) and supporting their family (52 per cent), women entrepreneurs take joy in learning new skills to run their business (44 per cent). Over 38 per cent of women entrepreneurs in India are the primary income earners for their households. They contribute to local economies, create new jobs and support families Photograph by Freepik
98 | BW BUSINESSWORLD | 22 March 2025 Schemes & Mentorship The Narendra Modi-led central government offers several schemes to support women entrepreneurs in the MSME sector. These schemes empower them by providing financial assistance, skill development and support services to foster inclusive economic growth. The 2025-26 Union Budget introduced financial schemes supporting women, SC and ST entrepreneurs with term loans, subsidies, and collateral-free credit. These schemes, in turn, facilitated business growth through training, mentorship and market access initiatives. Despite various government initiatives, women entrepreneurs in India’s MSME sector face significant challenges, particularly in accessing adequate mentorship. A study titled ‘Mentorship for Women Entrepreneurs—A Highway to Growth’ by MicroSave Consulting highlights that many women entrepreneurs lack awareness of available mentorship programmes, and those who are aware often find them inaccessible or not tailored to their specific needs. Mentorship is vital in helping women navigate business complexities, offering lessons from those who have faced similar struggles and achieved success. This, in turn, boosts confidence, enhances business acumen, and ensures longterm growth. Bridging Gaps in Growth The Indian government started the Yashasvini Campaign in June 2024, aiming to formalise, build capacity, mentor women entrepreneurs and promote digital ecommerce. In collaboration with the Women Entrepreneurship Platform (WIP) and the Ministry of Rural Development, this initiative seeks to achieve gender parity on the Udyam and Udyam Assist portals by 2029. The MSME-Team Scheme was also introduced to empower 5 lakh micro and small enterprises digitally, with half being women-owned, enhancing their market access and capacity building. Women MSME owners can utilise these schemes by registering on the respective portals, attending training sessions, and networking with industry experts through mentorship programmes. The WEP platform allows women to access workshops and connect with potential investors, while the Stand-Up India Scheme requires businesswomen to approach banks and financial institutions for loans. However, while initiatives like the Yashasvini Campaign and MSME-Team Scheme are steps in the right direction, there is a pressing need for more inclusive and accessible mentorship programmes that cater to the unique challenges women entrepreneurs face in the MSME sector. [email protected] KEY GOVERNMENT SCHEMES New Term Loan Scheme Union Budget 2025 introduced a new financial support scheme aimed at empowering first-time women, scheduled caste and scheduled tribe entrepreneurs Prime Minister Employment Generation Programme PMEGP is a credit-linked subsidy programme aimed at generating self-employment opportunities in the non-farm sector Mahila Samriddhi Yojana The scheme provides microfinance to women entrepreneurs either directly or through self-help groups Udyam Sakhi The Udyam Sakhi portal, an initiative by the Ministry of MSME, serves as a network to nurture social entrepreneurship among women by providing information on financial schemes, training programs and market opportunities Credit Guarantee Fund Trust for Micro and Small Enterprises CGTMSE aims to facilitate collateral-free credit to micro and small enterprises Micro & Small Enterprises Cluster Development Programme Ministry of MSME-implemented MSE-CDP focuses on enhancing productivity and competitiveness of micro and small enterprises, adopting a cluster-based approach Mudra Yojana for Women This scheme provides collateral-free loans to female entrepreneurs for starting or expanding small businesses Photograph by Studiogstock SPOTLIGHT MSME Women Leaders
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100 | BW BUSINESSWORLD | 22 March 2025 F or Kresha Gupta, Director and Founder of Steptrade Share Services, starting and managing India’s first SME-focussed alternative investment fund was not an easy task. For her, the biggest hurdle was changing investor perception, as many were hesitant. They were used to blue-chip stocks and found it difficult to trust an investment strategy focussed on smaller, lesser-known companies. Gupta is the driving force behind the Chanakya Opportunities Fund, India’s first SME-focussed alternative investment fund. “Bringing this vision to life came with challenges. Educating them, building trust, and proving the potential of this untapped space became our biggest challenge. We tackled this by maintaining complete transparency, demonstrating integrity, and consistently showing results,” she says. In India, micro, small, and medium enterprises (MSME) contribute approximately 30 per cent to the nation’s GDP, yet only 14 per cent of the 63 million small businesses have access to formal credit, leaving a substantial credit gap of $530 billion. Women-led MSMEs face even greater challenges, with a financing gap of $158 billion, despite their significant contributions to the economy. Additionally, the World Economic Forum’s Global Gender Gap Report of 2024 indicates that nearly 54 per cent of Indian women still encounter difficulties accessing basic banking services due to social and cultural factors. Funding Gaps According to a 2022 report by the Lok Sabha Standing Committee on Finance, the credit gap in the MSME sector is around Rs 20 lakh crore to Rs 25 lakh crore, with about 47 per cent of credit demand remaining unmet. India has been making significant efforts to support the SME sector with the recent announcement of the Rs 10,000 crore Fund of Funds in the budget. “There is still room for improvement in India’s funding landscape,” Gupta says. She emphasises the need to shift investor focus beyond large-cap companies, stating that UNLOCKING SME POTENTIAL WITH ALTERNATIVE INVESTMENTS investors should look past big numbers and recognise the potential within mid-cap, small-cap and SMEs. It is also necessary to encourage women in investment leadership. She suggests that more women fund managers should be given opportunities to lead and take ownership of top investment roles. This, she notes, would naturally drive more capital towards womenled businesses. Why Chanakya Fund? For Gupta, the idea of launching India’s first SME-focussed AIF came from a deeply personal and professional understanding of the struggles faced by small businesses. She says Chanakya Opportunities Fund was founded with the vision of empowering SMEs, regardless of whether men or women lead them. “Many SMEs, despite having strong business fundamentals and deep industry expertise, struggle because they rely heavily on debt financing. High interest costs often weigh them down, limiting growth and, in many cases, leading to failure. That’s when I realised the massive equity financing gap for SMEs,” she says. Chanakya Opportunities Fund I, which supports SMEs under Make in India, supSME INVESTOR SPEAK Steptrade Share Services’s Kresha Gupta discusses overcoming investor hesitation, scaling small businesses with equity financing and the growing role of AIFs in India’s investment landscape By Abhishek Sharma