On March 30, BusinessToday, one of India’s top business publications, released the 13th edition of India’s Best CEOs, in partnership with consulting firm PwC. The special edition, meant to celebrate the best in leadership, displayed 13 CEOs on its cover. However, not a single woman CEO was among them.
Dipika Singh, Founder & Chief Content Officer at She Means Business, raised the obvious yet necessary question in a LinkedIn post: “Do we not have women CEOs in the country? Or do we not have women CEOs capable of being on this cover?” A fair question, considering Deloitte India reports that at least 4.7% of CEOs in India are women. Still, not a single woman CEO made it to the top 10 or even the top 13.
If the argument is about numbers, then yes, women CEOs are still a minority. But zero representation in India’s Best CEOs list? This exposes how the definition of success still leans toward a certain kind of leader, one that looks a lot like the 13 men on that cover.
If something is holding women back, why is no one addressing it?
Business Today says its annual study of India’s best CEOs follows a rigorous, data-driven approach. The selection begins with an analysis to identify the top three performers in each category, covering the financial years 2022, 2023, and 2024. Only firms with 12-month accounting periods were considered. There were dedicated juries, multiple categories, and strict evaluation.
No one is arguing that the CEOs who made the cover got there by luck. Their achievements are real, and their leadership is impactful. It is also not about demanding token representation. No one is asking for a woman to be included just for diversity’s sake. The real issue is understanding what’s keeping women from breaking into these top lists.
If something is keeping women from making it to India’s Best CEOs lists, why is no one asking why? If the system keeps favouring men, shouldn’t someone check if the system itself is unfair?
India’s Best CEOs: The double standard of leadership
Women in leadership face different challenges than men. A male CEO’s work often ends when he leaves the office. A woman CEO, on the other hand, might go home to manage household chores, care for family, or handle social expectations. She carries extra responsibilities that do not show up in business performance reports but still affect her career.
Also read: Our article on The Double Shift and the Invisible Labor No One Acknowledges to see the unpaid workload women manage alongside their careers.
Society always expects women to balance both roles perfectly, while it rarely asks men how they manage work and family. If a male CEO dedicates long hours to work, he is seen as ambitious. If a woman does the same, people question if she is neglecting her family.
These double standards also show up in leadership expectations. A man in charge is automatically respected. A woman in charge has to prove she belongs. If she is too firm, she is labeled bossy or bitchy. If she is too collaborative, people question if she is strong enough to lead.
Until leadership standards change, women will continue to carry the weight of both work and home without the same recognition or rewards.
The blind spot in leadership recognition
Vasudha Madhavan, Founder & CEO of Ostara Advisors, makes a strong point in her LinkedIn post. Qualities that define exceptional CEOs have nothing to do with gender. Leadership, after all, is about vision, strategy, and resilience. Yet, despite this, a glaring blind spot remains.
India has no shortage of successful women CEOs. Kiran Mazumdar-Shaw built Biocon into a biopharma giant and became one of the country’s richest self-made women. Falguni Sanjay Nayar changed the beauty industry with Nykaa. These are just two names among many. So, if women are leading, excelling, and changing industrial trends forward, why are they still missing from the spotlight?
Recognition matters. Visibility shapes aspirations. If we want a future where leadership is genuinely about skill and not gender, then it is time to stop overlooking the women who are already proving they belong at the top.
Business Today’s India’s Best CEOs List: The closing thoughts
What is the message here? Is it that India’s women CEOs, even after leading billion-dollar companies and overcoming gender bias, still aren’t considered good enough? Or is the standard for recognition just unfairly high for them? Prominent business publications and ranking bodies know women are missing from these lists. But instead of fixing the problem, they act like this is normal. When something seems normal, no one feels the need to change it.
Women do not need special treatment. They need a fair system. If the best CEO rankings always exclude them, the problem is not women, but how success is measured.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content. We broadly define inclusivity as media, policies, law, and history—encompassing all elements that influence the lives of women and marginalised individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
