Anushruti Singh
According to the World Economic Forum’s Global Gender Gap Report 2024, at the current rate of progress, it will take 134 years to close the global gender gap. In India, the numbers are even more alarming. The country ranks 127th out of 146 nations, highlighting the urgent need for action.
While India has made significant strides—women now make up 37 per cent of STEM graduates and female entrepreneurship is rising—barriers persist. Women’s labour force participation stands at just 37 per cent, and they earn 28 per cent less than men for the same work.
At this rate, waiting until 2158 to achieve equality isn’t just unfair—it’s economically damaging. And India, one of the world’s fastest-growing economies, cannot afford to wait.
Therefore, accelerating gender equality is not just a moral imperative but a business and economic necessity. The theme for International Women’s Day 2024, “Accelerate Action,” serves as a stark reminder that gender equality remains an elusive goal. Industry leaders argue that businesses, policymakers, and society must act now to close the gender gap and ensure that women’s contributions are fully leveraged.
Women’s participation is rising!
Yes, there has been progress, and we are not denying it. In the past decade, Indian corporates have made strides in increasing female representation in leadership roles. Women now hold 26 per cent of senior management positions, nearly double the figure from a decade ago. Pallavi Jha, Chairperson and Managing Director, Dale Carnegie India & Walchand PeopleFirst Limited, attributes this growth to a mix of regulatory interventions, evolving corporate policies, and societal shifts.
“The Companies Act, 2013, which mandates at least one female board member in listed firms, has driven boardroom diversity. However, the challenge remains in CXO and P&L leadership roles, where representation is disproportionately low. Industries like IT and financial services have led the way, but systemic change is needed across sectors,” she says.
Despite these advances, women remain underrepresented in revenue-driving roles and are often sidelined into support functions, hindering their rise to the top.
Why progress is too slow
Despite an increase in female workforce participation and growing awareness around diversity, equity, and inclusion (DEI), women remain underrepresented at the highest levels of decision-making.
“Women have battled gender biases for centuries—not only in India but across the world. We have made progress, but every step forward has come with new responsibilities. We waged a war to get educated but are still expected to shoulder household responsibilities. We earned the right to work, yet face the expectation of being the primary caregiver,” says Sushree Panda, Senior VP and Head – Marketing and Communications at Varthana.
“As we approach International Women’s Day, the theme ‘Accelerate Action’ underscores the importance of investing in women for the betterment of society and businesses. True gender equality remains a distant goal—over 130 years away at the current pace. This is not just a statistic, but a powerful call to action,” she asserts.
One of the biggest roadblocks is the “broken rung” in the corporate hierarchy, where women struggle to secure their first management role. Without an equitable start, fewer women make it to leadership positions, creating a domino effect that stunts overall progress.
“Female boardroom representation remains the lowest at the executive level, even as women excel in consumer-facing roles. Without equal access to leadership pipelines, progress will stall. Companies must actively dismantle biases, foster mentorship, and enforce pay equity,” Panda adds.
We are still old fogeys
“Biases persist in how leadership potential is evaluated. While men are assessed on future potential, women are often judged on past achievements, making it harder for them to advance to leadership roles,” says Jha.
Panda, cites her own experience, saying, “I’ve experienced gender bias in the guise of assumptions that women are too aggressive when taking charge or leading discussions. I’ve also encountered the belief that women don’t make data-backed decisions, despite my consistent use of evidence and analysis to drive marketing strategies.”
The “motherhood penalty” remains a major challenge, where women with caregiving responsibilities are perceived as being less committed to their careers. “This bias often manifests in subtle ways, such as being overlooked for critical assignments, excluded from key decision-making discussions, or facing delays in promotions,” Jha points out.
Another major barrier is the underrepresentation of women in revenue-driving and operational roles, which are often seen as steppingstones to top leadership positions. Women are more likely to be placed in support functions such as HR, communications, or legal, rather than in P&L, sales, or strategy roles, which are more strongly linked to CEO pipelines.
“Workplace cultures that favour aggressive networking and after-hours socialising tend to exclude women, making it harder for them to build the sponsorship and advocacy networks that are crucial for leadership progression. Addressing these challenges requires proactive intervention at an organisational level, ensuring that policies and cultures evolve to create a truly level playing field,” Jha emphasises.
Anooshka Soham Bathwal, Founder and CEO of Dhanvesttor, says, “In India’s finance sector, women often face unconscious biases and limited access to professional networks. These biases manifest in various ways, such as assumptions about women’s commitment to their careers due to societal expectations around caregiving roles.”
Biases in funding too!
Women-led businesses are redefining India’s economy, yet they continue to face disproportionate funding barriers. WEF studies show that women-led start-ups receive less than 2 per cent of global VC funding, a pattern reflected in India.
“Investors often perceive female founders as ‘less ambitious’ or ‘risk-averse,’ leading to smaller investments and lower valuations. It’s especially true in tech and manufacturing as compared to those in tradional ‘female-centric’ industries. To change this, we need bias-free evaluation systems, and dedicated women-centric funds,” Panda highlights.
It is a fact that the funding landscape is male dominated. “More women investors, VCs, and angel networks will bring diversity in decision-making,” says Panda.
Bathwal adds, “I feel that investors and financial institutions should undergo training programmes that help recognise and mitigate unconscious biases in their decision-making processes. Establishing clear, merit-based funding criteria can further ensure fairness. Another significant step is increasing female representation in investment committees, as diverse perspectives in decision-making roles can help reduce gender biases and foster a more equitable funding landscape.”
Additionally, mentorship networks, supplier diversity programmes, and digital literacy initiatives can empower women entrepreneurs to scale their businesses. “By supporting women-led businesses, we’re not just fostering economic growth—we’re creating a ripple effect of social transformation,” Panda adds.
Breaking systemic barriers
While policies promoting gender diversity exist, they often fall short in implementation. Businesses need to take proactive steps to dismantle biases and ensure equal opportunities for women.
“True equality is not about providing women with opportunities while heaping additional burdens upon them. It’s about tearing down the unseen walls of gender roles and enabling women to thrive on their own terms. At Varthana, we believe progress isn’t just about awareness; it’s about breaking the barriers that make gender equality a distant dream,” Panda asserts.
Experts agree that businesses must enforce structured hiring and promotion processes, mandate gender-neutral pay audits, and set measurable diversity targets.
“Not just policies; it requires a cultural shift,” says Jha.
“Companies must integrate gender diversity into their core business strategies, ensuring that inclusivity is not just a box-ticking exercise but a fundamental part of how success is measured. This means holding leaders accountable for gender balance in their teams, setting clear targets, and tracking progress through measurable DEI (Diversity, Equity, and Inclusion) metrics,” she suggests.
This includes ensuring diverse hiring panels, anonymizing resume reviews, and standardizing promotion criteria to eliminate subjectivity. Creating safe spaces for dialogue is also crucial—women must feel empowered to voice their concerns about workplace biases, career stagnation, or discrimination without fear of retaliation.
Additionally, building a culture of camaraderie where male leaders are not just passive supporters but active sponsors and advocates for women is essential. Leadership training programmes must include gender sensitivity and inclusive leadership modules, ensuring that managers at all levels understand how to create and sustain a diverse and welcoming environment
Lessons from global best practices
To accelerate gender equality, India can take inspiration from global models that have successfully bridged gender gaps.
Gender Diversity Targets: Countries like Norway and France have mandated minimum female representation in leadership roles, significantly increasing boardroom diversity.
Equal Parental Leave: Nordic countries offer generous, equal parental leave, circumventing the perception that caregiving is solely a woman’s responsibility.
Pay Equity Audits: The UK and Australia conduct mandatory audits to address gender pay gaps.
Unconscious Bias Training: Leading companies in Europe and the US implement structured training programmes to eliminate biases in hiring and promotions.
Time for action is now
“There has never been a more urgent time to invest in women’s leadership development. Companies with greater gender diversity in leadership outperform their peers in profitability, innovation, and resilience,” says Jha.
“Breaking barriers in male-dominated industries demands confidence, strategy, and support. Own your expertise – stop waiting to meet 100 per cent of the criteria. Speak up, apply, and claim your space. Build a network of mentors and allies who advocate for you,” says Panda.
With International Women’s Day serving as a pivotal moment, businesses must move beyond symbolic gestures and commit to real structural change. From tying executive bonuses to diversity metrics to creating sponsorship opportunities for women, actionable steps are needed to drive real progress.
“Women’s Day should not just be a celebration—it should serve as a catalyst for sustained, meaningful action. The next decade must see even more progress in achieving true leadership equity,” Jha asserts.
Gender equality is not a distant dream—it is a necessity for India’s economic and social advancement. If the country hopes to bridge the gender gap before 2158, the time to act is now.
