India is emerging as a frontrunner in gender diversity at the leadership level, setting a benchmark that surpasses many developed economies. Grant Thornton’s 'Women in Business' report reveals that in 2025, 36.5% of senior management positions in Indian mid-market businesses are held by women, up from 33.9% in 2024. This puts India ahead of the global average (34%) and Emerging APAC (35.8%).
This year's report shows that progress toward parity is gradually accelerating. Sustained growth over the last five years has brought parity closer, but it remains an unacceptably long way off. At the current speed, a young woman entering the world of work today will be working for more than a quarter of a century before parity is reached.
Small and mid-market firms constitute 90% of all businesses and create two out of three jobs worldwide*. However, without a clear focus on driving diversity, progress toward gender parity within the mid-market segment will remain slow. This poses a significant risk of losing another generation of women leaders, which could impede economic growth and broader global development. In alignment with this year's International Women's Day theme, mid-market businesses must take proactive measures to 'Accelerate Action' and drive meaningful change.
External push for gender diversity
External requests for gender diversity data in
Senior Management (Past 12 months)
Indian mid-market firms face growing pressure to take action as investors, clients, and other stakeholders push for greater representation of women in senior management. Over the past year, various external sources have requested gender balance data or evidence of diversity initiatives.
Nearly 80% of global businesses have faced external demand to improve gender diversity, suggesting that market forces play a crucial role in driving change. Companies that fail to prioritise gender balance risk losing opportunities with clients, investors, and even potential talent.
India leads in gender diversity at senior management levels
Globally, only 1.2% of mid-market businesses have no women in senior management, with India performing even better at just 0.6%, compared to 2.2% in Emerging APAC. Moreover, the share of Indian businesses without women in senior roles has declined from 2% in 2021 to 1.2% today. This progress places India ahead of global counterparts, outperforming the Asia-Pacific average of 6.3%, Developed APAC at 23.3%, and the global average of 4.1%. The only region ahead of India is Emerging APAC, where 0.6% of businesses lack female representation at senior levels—but India is rapidly closing the gap.
Other positions held by women in senior management
roles
The composition of women in senior leadership roles in India reveals a shift beyond traditional domains like Human Resources and Marketing. Women now hold key positions in Finance, Technology, and Operational leadership. Chief Financial Officers lead the way, with women occupying 48.5% of these roles. Technology leadership also has significant female representation, with Chief Information Officers at 42.3% and Chief Technology Officers at 40.5%. However, challenges remain in boardroom representation, with only 11% of chairperson roles and 12.3% of partner positions occupied by women. This aside, women hold important positions in various other senior management roles.
India sets the standard in gender balance reporting
India also stands out in transparency in gender balance reporting. Around 85.9% of Indian companies surveyed publicly disclose their senior management gender balance, significantly higher than the global average of 77.5% and Emerging APAC's 77%. This high level of transparency suggests increasing regulatory, investor, and market expectations around diversity reporting, reinforcing corporate accountability in gender inclusion.
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Setting gender equality targets
Beyond policies, businesses are also setting specific gender equality targets. The most common areas for mid-market firms in India to set targets on include:
Key areas for gender equality target-setting in
businesses
These targets suggest that businesses are actively working toward reducing gender-based pay gaps and increasing female representation in leadership roles. However, retention (25.8%) remains the lowest priority, which could hinder long-term progress in achieving sustainable gender diversity.
Despite these gains, efforts to promote gender diversity in India remain primarily reactive. While businesses are willing to support gender equity in pay and career growth, they appear less proactive in long-term inclusion through board diversity or family-friendly policies. Many businesses respond to external demands rather than proactively embedding diversity into core policies. Companies not facing external scrutiny are far less likely to prioritise gender balance, highlighting the need for stronger regulatory frameworks and internal initiatives to drive sustainable change.
The road ahead
The mid-market segment plays a key role in the global economy, yet gender parity in leadership remains a long way off—potentially over 25 years at the current pace. Progress has accelerated, but Indian mid-market businesses must take urgent action to drive diversity. Investors, clients, and external stakeholders demand more excellent representation, linking gender diversity to better business performance. Many firms are responding by setting targets, but these need to be more ambitious to close the gap faster. Sustained external and internal pressure drives positive change, but now is the time to accelerate efforts to achieve meaningful progress.