Why do so few women reach India’s boardrooms, leave alone the top?

On International Women’s Day, conversations around women’s leadership in corporate India are louder than ever. While more women are entering the workforce and aspiring to leadership roles, the number of women actually reaching the top remains strikingly low.

Regulatory changes have ensured that listed companies must have at least one woman on their board. But experts say that representation does not always translate into real influence or leadership opportunities.

A report by the All India Management Association and KPMG suggests that although companies are complying with the rule, meaningful progress is still slow.

Take the example of Tata Steel. Its board has 10 members, but only one woman — Bharti Gupta Ramola — accounting for just 10%.

The report also reveals a striking gap between ambition and outcomes. Around 79% of women professionals say they want to become leaders. However, only about 1% actually reach the very top positions in organisations.

According to Bijal Ajinkya, Partner at Khaitan & Co, the problem is rarely about capability.

“The women I have seen really plateau at mid-management are often among the most talented, most competent people in the room,” she said. “But the real question is — do they really believe in themselves?”

Self-doubt factor

Another perspective comes from Sujatha S Iyer, AI Security Head at ManageEngine, who believes self-doubt often holds women back.

“There is a lot of self-doubt that women have. When you compare that to a man, even if they are 70% sure they would volunteer to do something,” she said.

“But unless women are 100% confident, they keep doubting themselves — ‘What if I gave the wrong suggestion? What if it goes wrong?’”

She added that overcoming this self-doubt is an important step toward leadership.

The broken rung

Another finding from the survey shows that progress in women’s leadership has slowed. Two years ago, more than 80% of companies said they were increasing women in leadership roles. That number has now dropped to about 70%.

Experts also point to what is known as the “broken rung” — the stage in mid-career where many women stop progressing.

Around 65% of respondents say this is the point where women are most likely to leave or step away from leadership tracks.

Work-related stress and burnout are now emerging as key reasons. Nearly 48% say pressure from balancing work and personal life is pushing many mid- and senior-level executives to step back.

Dual responsibilities

Ajinkya highlighted how responsibilities at home often coincide with critical career phases.

“There is a lot of responsibility at home — aged parents, in-laws, young children, or just running a house,” she said.

“And the dual momentum often makes you slow down precisely when career acceleration matters the most.”

She explained that many women reach this stage in their mid-30s — often after 10 to 12 years of professional experience — which is also when leadership opportunities begin to open up.

Organisations that fail to acknowledge this reality risk losing talented women at a crucial stage in their careers.

The boys’ club

Even when women reach senior positions, many say they still face subtle barriers. In boardrooms dominated by men, women may feel unheard. Experts note that in meetings, men often talk over women, while women end up handling tasks like taking minutes — small but telling signs of imbalance.

Ajinkya says the issue is not about ability. “Women tend to do exceptional work but unfortunately wait to be recognised for it,” she said. "Men, on the other hand, are more active in speaking about themselves and making their ambitions clear.”

Beyond tokenism

Today, most large companies have at least one woman on the board, often due to regulatory requirements. But experts say that representation alone does not ensure meaningful participation.

“Having a seat on the table is just the beginning. It is not the destination,” Ajinkya said.

“The harder question is — does she really have a voice?”

Across major companies, only about 11% of women hold executive roles where they actually run business divisions. Concerns about fairness in promotions are also growing. In 2024, about 38% of employees felt promotions were fair. That figure has now dropped to just 28%.

Policy versus culture

Many companies now have diversity and inclusion policies in place. About 68% of organisations have formal diversity and inclusion frameworks — a small increase from previous years.

Iyer believes these policies are a positive step but cautions that real change takes time. “The very fact that companies have started having policies for women and inclusion tells you we have taken a step in the right direction,” she said. “But policies will take time to show results.”

Ajinkya agrees that policies alone are not enough. “Most large organisations today have the right language on paper,” she said. “But the real test is what happens when a senior leader decides who gets the most high-profile assignment of the year.”

Inclusive leadership

Research suggests that boards with three or more women tend to have more balanced discussions and decisions.

Iyer believes organisations must start involving women in decision-making much earlier in their careers. “Decision-making is not a skill you get miraculously the next day,” she said. “Women must be part of that journey right from mid-management.”

Experts say improving women’s leadership is not just about fairness but also about economic growth.

Many believe India will need more women in leadership roles if it hopes to achieve its ambitious $30 trillion economy goal by 2047.

As Ajinkya puts it: “Leadership is really a journey. It is not that from day one you are a born leader. The fabric of the organisation defines how that leadership grows.”

The question now is whether companies will move beyond symbolic representation and create real pathways for women to lead in India’s boardrooms.

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