Indian women have come a long way in recent years, breaking the glass ceiling in various fields and emerging as successful entrepreneurs and business leaders. Despite facing numerous obstacles and biases, they have proven that they have the skill, determination and resilience to succeed in the world of business.
Despite being traditionally confined to the household, with very few opportunities to venture outside and pursue careers, Indian women have come a long way and made a mark in fields that have always been considered a male domain, such as business and commerce.
Over the past few decades, with more and more women breaking out of these traditional gender roles and entering the workforce, the scenario has changed. As a result, the number of women-owned businesses in India has increased significantly in recent years, with women starting and running a wide range of businesses, from small-scale enterprises to large multinational corporations.
Changing stereotypes
Indian businesswomen are touching lives of millions of people and continue to break through gender barriers in the world of business. There are many successful women industrialists who have made their mark in various industries by making a positive impact on the country’s economy and society.
Billionaire entrepreneur Kiran Mazumdar-Shaw, Founder and Executive Chairman of Biocon, one of India’s leading biopharmaceutical companies, is considered one of the pioneers of the biotechnology industry in India and has been instrumental in developing the country’s biotechnology sector. She founded Biocon with an initial investment of just Rs 10,000.
Since its inception, Biocon has grown into a major player in the biotechnology sector, with operations in India and several other countries. The company has a strong focus on research and development, and is known for its innovative and cutting-edge products and services. Under Kiran’s leadership, Biocon has established itself as a leader in the Indian biotech industry and has been recognised for its contributions to the country.
A true trailblazer, Kiran’s achievements have been recognised by several awards and honors, including the Padma Shri, one of India’s highest civilian honors, in 1989, and the Padma Bhushan in 2005. In 2014, Kiran received the Othmer Gold Medal for outstanding contributions to the progress of science and chemistry. She also featured in the Financial Times 2011 top 50 women in business list. And, in 2019, she was listed as the 68th most powerful woman in the world by Forbes. These are a few of her many achievements and awards.
Indu Jain who passed in 2021 was the Chairperson of Bennett, Coleman & Co. Ltd., which owns several media brands in India, including The Times of India and The Economic Times. She was one of India’s leading media personalities and was instrumental in shaping the Indian media landscape.
In 2016, Jain was awarded the Padma Bhushan by the government of India. In November 2019, she received the Lifetime Achievement award from the Institute of Company Secretaries of India for translating excellence in corporate governance into reality. She had also received the Lifetime Achievement Award from the Indian Congress of Women.
Setting examples
Vinita Bali is a former CEO of Britannia Industries, one of India’s leading food companies. She is known for her leadership and innovative approach to business and has been instrumental in transforming Britannia into a globally-recognised brand.
A global business leader, Bali was instrumental in building the Britannia brand and establishing its presence in the Indian market. She worked to create a strong connection between the brand and its customers and to make it a trusted household name.
Bali has received several awards and recognition for her contributions to the Indian food industry and her leadership skills. Some of the notable awards include the Padma Shri, one of India’s highest civilian awards, and the India Leadership Award for Corporate Excellence.
Former Chairman of the State Bank of India, India’s largest public sector bank, Arundhati Bhattacharya is known for her leadership in transforming the bank and for her efforts to promote financial inclusion in India. She is the first woman to be the Chairperson of State Bank of India. She is a true leader and trailblazer in the Indian banking industry.
Under Arundhati’s leadership, the State Bank of India transformed into a modern, technology-driven institution that was able to provide innovative financial solutions to its customers. She focused on expanding the bank’s reach in rural areas, promoting financial inclusion, and leveraging technology to improve customer services. She also led the bank’s efforts to manage the stress in the banking sector and address the issue of non-performing assets. In 2016, she was listed as the 25th most powerful woman in the world by Forbes and she is the only Indian corporate leader listed on Fortune’s world’s greatest leaders list, ranked at 26.
Mallika Srinivasan is the Chairman and MD of TAFE (Tractors and Farm Equipment Limited), one of India’s leading manufacturers of tractors and agricultural machinery. She is known for her leadership and innovative approach to business and has been instrumental in transforming TAFE into a global player in the agriculture sector.
She has successfully led the company in its growth journey into becoming a company with revenues in excess of Rs. 10,000 crore. She has received many awards for her exemplary leadership skills. These include the 2011 voting as Entrepreneur of the Year by Ernst and Young, Woman Leader of the Year award by Forbes India, recognised by Forbes Asia as one of the Top 50 Asian Power Businesswomen, etc.
Overcoming challenges
One of the key challenges faced by Indian women in business is cultural biases and stereotypes. Despite significant progress in recent years, many people in India still hold the belief that women are not suited for leadership positions and that their primary role is in the home.
This stereotype is reinforced by the media, which often portrays women as passive and submissive, rather than strong and capable. This can make it difficult for women to get the recognition and support they need to succeed in business, and can also lead to a lack of female role models in the business world.
Another major challenge faced by Indian women in business is a lack of access to resources and support. This includes access to capital, education and training and networking opportunities. For example, women are often excluded from traditional sources of financing, such as bank loans, and are forced to rely on personal savings and informal sources of funding. This can make it difficult for them to start and grow their businesses, and can limit their ability to compete in the marketplace.
Despite these challenges, there are a number of initiatives to empower and support Indian women in business. For example, the Indian government has launched a number of schemes and programmes aimed at promoting entrepreneurship and providing support to women-owned businesses. These include the Mahila Udyam Nidhi Scheme, which provides loans to women entrepreneurs and the Annapurna Scheme, which provides micro-finance support to women-owned enterprises.
In addition to government initiatives, there are also a number of non-profit organisations and private sector initiatives that are working to support and empower Indian women in business. One of the most successful initiatives aimed at supporting Indian women in business is the Self-Employed Women’s Association (SEWA), which is a trade union for women working in the informal sector.