India's Self-Made Women 2025: Making of the list

On the list are those who have transformed industries. The names include Gita Gopinath, the first deputy managing director of the International Monetary Fund; Renuka Ramnath, who is seen as a strong voice in the private equity space; Sonia Dasgupta, MD and CEO, investment banking, JM Financial. 

It also spotlights women who’ve charted unconventional territories such as shooter Manu Bhaker, who won two bronze medals at the Paris Olympics in 2024, and cricketer Smriti Mandhana, who has emerged as the year’s most prolific batter in women’s cricket. You will also get a glimpse into how IAS officer Mona Khandhar is leading Gujarat’s ₹1.24 lakh crore semiconductor revolution, and Dr Pratima Murthy, who is advancing mental health research in India as only the second woman director in the 50-year history of the National Institute of Mental Health and Neuro Sciences. And there’s Payal Kapadia, whose debut feature All We Imagine As Light won the Grand Prix at Cannes, a first for any Indian director and the first Indian movie to compete for the award in 30 years. 

In the pages that follow, unpack 20 stories of determination, persistence and rising above the odds. Here’s to women who empower and inspire.

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Methodology

Following thorough research across primary and secondary sources, the Forbes India editorial team drew up a long list of 35 women who have shaped their destinies and set new benchmarks. The list represented a mix of entrepreneurs and professionals in various fields, although it may not have been exhaustive. It was presented to a jury of four eminent and illustrious women: Ashu Suyash, co-founder, Colossa Ventures, and former managing director, Crisil, Arundhati Bhattacharya, president and chairperson, Salesforce-South Asia, Meena Ganesh, CEO at Portea Medical, and Swati Piramal, vice chairperson at Piramal Group. While traditional indicators such as financial success, influence, leadership and innovation, were key considerations, the emphasis was on recognising self-made women who’ve not inherited wealth or position. The jury assessed the candidates on the following criteria: 

Pioneers: Women who have introduced ground-breaking ideas, transformed industries, or ventured into uncharted territories.

Role models: Women leading by example, inspiring and empowering others.

Trailblazers: Women who have carved a space for themselves in traditionally male-dominated spaces and challenged the status quo.

Based on jury votes, we narrowed the list down to 20 names. The selection is not a ranking, but a collection of exceptional names based on the above criteria