For generations, it has been difficult for women to break the so-called glass ceiling in finance. It’s been rarer still to spot a woman in economic governance. Even now, across the world, only a few countries have women finance ministers and central bank governors.
Globally, women head the finance ministry in only a handful of countries, including Australia, Japan and the UK. The President of the European Central Bank is Christine Lagarde, and the International Monetary Fund (IMF) is led by Kristalina Georgieva as its Managing Director. Gita Gopinath was associated with the IMF till recently, first as its Chief Economist and later as the First Deputy Managing Director. She has now moved back to academia.
Over the past few years, India, too, has seen a wave of change. The country’s finance minister is a woman, so are some of the top policymakers in the finance ministry and the Reserve Bank of India (RBI). The crop of women at the top in economic wings of the government is a welcome change. Though the public sector has pay parity between men and women, and equal metrics for promotion, women say they are often relegated to “softer sectors” such as social welfare, while core economic ministries remain the preserve of their male colleagues. “There is always a boys’ club at play. In public facing roles or in postings such as district collectors, even local stakeholders often say they are more comfortable dealing with male officials,” recalls a senior bureaucrat.
Economist Indira Rajaraman and former Professor Emeritus at NIPFP makes two points on women in policy making and governance and said, “Any woman at any policy level is functioning fundamentally in a patriarchal world. Even a woman Prime Minister, who is at the top of decision making in the executive arm of government is functioning in a patriarchal world where the leaders of other countries are male for the most part. As a result, women are a minority in leadership roles and they face the consequences of being in that minority and the traditional perceptions of women as being soft and not as fierce or as strong as men,” she says.
The benefits of putting women in charge of economic policymaking are clear. Rajaraman further points out that reservation for women in Gram Panchayat Councils has led to a remarkable functioning all over the country. “Gram Panchayat Council with 30% reservation of women, which is now at 50% in many states, has worked very well. They have constitutional support for the gender balance that they have, and it has become very widely accepted,” she says, adding that while having women as Sarpanch does not change anything, but 50% representation at the Council level for women makes a huge difference. “As council members, women can express forcefully their preferences for local services such as managing waste or dealing with contaminated water,” she points out.
In their own way, each of these women is leaving an indelible mark on the economy.
Nirmala Sitharaman has been Union Finance and Corporate Affairs Minister since 2019. She is now the longest continuously serving Finance Minister, helming the economy through the troughs of the Covid-19 pandemic and lockdowns and placing it firmly on a growth trajectory that has managed to withstand external headwinds. She is credited with several reforms, the most recent being the huge cuts in income tax rates for individuals and rationalisation of the goods and services tax. She has presented a record eight consecutive Budgets.
As if taking a lead, in a first, the Centre has appointed Anuradha Thakur, a 1994-batch IAS officer of the Himachal Pradesh cadre, as Secretary of the Department of Economic Affairs (DEA) in the Finance Ministry. Thakur, previously Additional Secretary in the Ministry of Corporate Affairs, was appointed Officer on Special Duty in the DEA in April and succeeded Ajay Seth when he retired on June 30.
The role of the DEA Secretary is very crucial. The person is responsible for managing the economy and formulating policies that will impact areas as varied as growth and inflation, capital markets, infrastructure financing and sustainable finance. The Secretary is also in charge of managing relations with international financial agencies, coordinating and preparing the Union Budget, and liaising with regulators like the Securities and Exchange Board of India and the RBI.
For instance, the economic liberalisation in 1991, led by Finance Minister Manmohan Singh, was overseen by the then DEA Secretary Montek Singh Ahluwalia. During the demonetisation of 2016, DEA Secretary Shaktikanta Das oversaw the replacement of currency notes. Das went on to become the RBI Governor and is now Principal Secretary to the Prime Minister.
Other senior women officials in the ministry are Anu P. Mathai, Additional Secretary, DEA, and Parama Sen, Additional Secretary (Personnel), Expenditure.
Women officers at Secretary-level posts in the finance ministry have been few and far between. Sushma Nath was appointed Secretary in the Department of Expenditure way back in 2008 and went on to become the country’s first woman Finance Secretary. Later, in 2015, Anjali Chib Duggal was appointed Secretary of the Department of Financial Services. Ila Patnaik, who is Chief Economist at the Aditya Birla Group, served as the Principal Economic Adviser in the finance ministry in 2014-15.
Dakshita Das, former Managing Director and CEO of the National Housing Bank, who worked in the finance ministry extensively with a long stint as Director (Budget), DEA, and later as Additional Secretary, Department of Financial Services, says before the current crop, the ministry had key women functionaries, along with the then Expenditure Secretary Sushma Nath, way back in 2008-09. “At that time, Joint Secretary Budget Loretta Vaz and a lot of officials in the Budget Division were women,” she recalls, noting that few women have been posted in crucial roles in the ministry after that.
“These are very demanding posts, and one needs to be on the ball at all times. One needs to read and catch up on contemporary trends and developments, stay late and be prepared to deal with dynamic changes,” she says, adding that they also need to navigate these traditional male bastions well.
The Ministry of Corporate Affairs is also headed by a woman, Deepti Gaur Mukherjee, a 1993 batch IAS officer of the Madhya Pradesh cadre. She was appointed to the post in August 2024. She has led the rollout of the flagship Pradhan Mantri Internship Scheme. She has also been instrumental in drafting the amendments to the Insolvency and Bankruptcy Act and is taking forward efforts to scale up Indian professional services firms on the lines of the Global Big Four.
In Mumbai, the country’s financial capital, Poonam Gupta is one of the four Deputy Governors of the Reserve Bank of India. She was appointed this April and is the first woman in that role after 14 years. Before her, there have been only three women DGs in the RBI—K.J. Udeshi (2003-2005), Shyamala Gopinath (2004-2009), and Usha Thorat (2005-2010). Since its inception 90 years ago, the RBI has not had a female Governor.
An economist by training, Gupta oversees key portfolios at the RBI, including monetary policy, economic policy and research, financial stability and financial markets and research. Prior to her latest assignment, she headed the Delhi-based economic think tank National Council of Applied Economic Research, where she was appointed Director General in 2021, the first woman to hold that position.
Meanwhile, another woman, T.C.A. Kalyani, is the Controller General of Accounts, in charge of accounting for both the Centre and states.
India’s competition regulator, the Competition Commission of India, is also headed by a woman—Ravneet Kaur. Over the past two-and-a-half years, she has shown that she is clearly the person for the job—be it her handling of investigations against Big Tech firms or her work on digital markets and competition.
The National Sample Survey (NSS) is headed Geeta Singh Rathore. As Director General of NSS, Rathore is leading a nearly 3,000-strong workforce and 5,000 contract workers, who are responsible for collecting and compiling the much-needed data required for policymaking. At present, the NSS is working on 13 surveys. “Providing almost real-time and good quality data are my key priorities,” says Rathore.
While it’s crucial that the best person is chosen for a job, conversations with women bureaucrats make it clear that their representation in economic portfolios remains thin, especially at the top.
Das points out that this is a challenge not only in the government but also in the private sector, where only a few women rise to the CXO level. “The hope is that this will not be a flash in the pan and more women will continue to be appointed to roles for economic policymaking,” she says.
The impressive precedence now set will surely leave a lasting impact in the corridors of power and women will hopefully no longer be seen as the second sex.
@surabhi_prasad
Mamata Banerjee
Chief Minister, West Bengal
One cannot speak of Mamata Banerjee without mentioning her gumption, especially how she brought down 34 years of Left rule and remained the head of the state since 2011. “Didi”, as she is popularly known, can be credited for introducing many welfare schemes like Kanyashree Prakalpa and Lakhsmi Bhandar. The ‘Maa, Maati, Manush’ motto now resonates with the people of Bengal. When the former Union Minister is not delivering her fiery speeches, she can be found penning books, singing, or painting.
Rekha Gupta
Chief Minister, Delhi
Gupta brings decades of political and organisational experience despite being a first-time MLA. Rising from ABVP and later as DUSU President, she built her reputation through sustained grassroots work. As councillor and BJP Mahila Morcha leader, she championed community development, women’s education, and welfare. Her 2025 victory from Shalimar Bagh constituency marked the ascent of a leader shaped by discipline, service, and ideological conviction.
Anupriya Patel
Union Minister of State, Health & Family Welfare and Chemicals & Fertilisers
Born on April 28, 1981, Anupriya Patel represents the Mirzapur constituency in the Lok Sabha. In her ministerial role, she works across public health delivery, pharmaceutical regulation, and the chemicals sector. Her responsibilities include reviewing national health schemes, monitoring access to essential medicines and supporting policies related to manufacturing capacities. An alumnus of Delhi University’s Lady Shri Ram College, Patel also holds an MBA, and her work draws from both her academic training and experience in public life.
Anuradha Thakur
Secretary, Department of Economic Affairs
Policy watchers know that the Union Finance Ministry has had few women secretaries and Anuradha Thakur’s appointment as Secretary, Department of Economic Affairs made her the first woman in the role. Thakur, a 1994-batch IAS officer of the Himachal cadre, has a key role in guiding economic policy and working on measures to sustain growth amidst the external turbulence from the US tariffs and geopolitical risks. She is also a crucial member of the Budget making team for 2026-27 and is in charge of Budget estimates and policy proposals.
Vandana Gurnani
Secretary, Ministry of Labour & Employment
Labour reforms have been at the centre of the government’s policy initiatives and Gurnani has been spearheading many. A 1991-batch IAS officer of the Karnataka cadre, Gurnani has been instrumental in the rollout of the Labour Codes and remains busy in its implementation. Welfare of workers, ease of living, simplifying compliances and boosting employment are her focus areas. She is working on measures like employment-linked incentives, draft national employment policy and reforms in EPFO and ESIC.
Poonam Gupta
Deputy Governor, Reserve bank of india
Reserve Bank of India Deputy Governor Poonam Gupta has one of the most critical roles in today’s turbulent times in shaping the economy. She is, after all, the Deputy Governor in charge of the crucial departments including economic policy and research and monetary policy. She is also a member of the Monetary Policy Committee that decides on policy rates and keeps inflation in check. She is also the first woman to hold the DG position in the RBI in over a decade. A globally renowned economist, she was previously heading the think tank National Council of Applied Economic Research and was a member of the Economic Advisory Council to the Prime Minister.
Nidhi Khare
Nidhi Khare, Secretary, Department of Consumer Affairs
Nidhi Khare is a 1992-batch IAS officer from the Jharkhand cadre. A biochemistry postgraduate, she has held key roles in land resources, consumer protection, direct benefit transfers, and home, environment, and finance ministries. Khare is known for establishing the Central Consumer Protection Authority and driving major reforms in taxation, health, and land administration.
Rachna Shah
Secretary, Department of Personnel and Training
Rachna Shah is a 1991-batch, Kerala cadre IAS officer serving as Secretary, Department of Personnel and Training, under the Ministry of Personnel, Public Grievances and Pensions. She oversees key reforms in India’s civil services. Previously Secretary, Ministry of Textiles, she has held roles across departments at central and state level.
Vandita Kaul
Secretary, Department of Posts
Vandita Kaul, a 1989-batch Indian Postal Service officer, is Secretary, Department of Posts, Government of India. With over 36 years in government, she has led major reforms across the postal department, finance and disability sectors. Kaul has been instrumental in leading some important projects like India Post’s APT 2.0 and DIGIPIN— a 10-character alphanumeric digital address code for India that provides a unique and precise location for every 4x4 meter grid in the country. Trekking and reading are Kaul’s preferred choices to unwind.
Debashree Mukherjee
Secretary, Ministry of Skill Development & Entrepreneurship
A 1991-batch IAS officer of the AGMUT cadre, Mukherjee has over three decades of experience, and has held impactful roles including Secretary of Water Resources (Jal Shakti), Joint Secretary in the PMO, CEO of Delhi Jal Board, and CMD of Delhi Transport Corporation. In September 2025, she was also given additional charge as Chairperson of the National Council for Vocational Education & Training. She holds an M.A. in English (JNU) and an M.Sc. in Water & Environmental Management (Loughborough University).
Neelam Shami Rao
Secretary, Ministry of Textiles
A senior IAS officer, Rao has had 33 years of experience across key government roles. She has led major policy initiatives spanning trade and commerce, developmental sectors, finance, multilateral assistance, social sectors, and human resource development, contributing significantly to national governance and administrative reforms.
Punya Salila Srivastava
Secretary, Ministry of Health & Family Welfare
Born on September 25, 1970, Punya Salila Srivastava joined the Indian Administrative Service in 1993 and currently serves as Secretary in the Ministry of Health & Family Welfare. Over her 30-year career, she has held roles including Special Secretary in the Prime Minister’s Office and Additional Secretary in the Ministry of Home Affairs. She holds a Bachelor’s and Master’s degree in Physics from St Stephen’s College, University of Delhi, and a Master’s in Public Management from the University of Maryland, USA.
Nivedita Shukla Verma
Secretary, Department of Chemicals & Petrochemicals
Nivedita Shukla Verma, a 1991 batch officer of Uttar Pradesh cadre, is now Secretary, Department of Chemicals & Petrochemicals. She has held key roles in the Ministry of Defence and Cabinet Secretariat, contributing to policy and administrative reforms. In her present role, she focuses on innovation, sustainability and enhancing competitiveness of the chemical industry. She balances her responsibilities with interests in reading and arts.
Geeta Singh Rathore
Director General, National Sample Survey
A 1992-batch officer of the Indian Statistical Service, Geeta Singh Rathore is the Director General of the National Sample Survey, which has just completed 75 years. At NSS, Rathore oversees the largescale socio-economic surveys undertaken across the country that are essential to assess the impact of policies and the level of development. With the government looking to bridge the country’s data deficit, Rathore and her team have a crucial role to play in bringing out the many surveys necessary. But with a ready smile and an ever-patient attitude, Rathore has made this humongous job look easy.
Deepti Gaur Mukherjee
Secretary, Ministry of Corporate Affairs (MCA)
A 1993 batch IAS officer of the Madhya Pradesh cadre, Mukherjee took over as Secretary of the MCA in August 2024. She has led the rollout of the Prime Minister’s Internship Scheme (PMIS), designed to provide paid, year-long industry internships to 10 million young Indians across Top 500 companies. Alongside this flagship initiative, she is guiding major regulatory reforms at the MCA, including the draft Digital Competition Bill, has proposed IBC reforms, and measures to strengthen and streamline the National Company Law Tribunals (NCLTs).
Ravneet Kaur
Chairperson, Competition Commission of India
The first woman to head the Competition Commission of India and the second woman ever to lead a regulatory body in the country, Ravneet Kaur, Chairperson, CCI, has her hands full. In her over two- and-a-half year stint at the CCI, Kaur has worked on countless initiatives, including the proposed Digital Competition Bill and has had to wade into the largely unchartered territory of regulating the new economy—ranging from Big Tech to quick commerce. This year was especially busy for Kaur, who briefly also held the interim charge of National Financial Reporting Authority as Chairperson and oversaw a market study on the impact of AI on competition.
Nivruti Rai
MD & CEO, Invest India
With nearly 30 years of corporate experience, including her last role as Country Head of Intel India, Nivruti Rai took over as MD and CEO of Invest India in 2023. She works closely with industry, global investors, investment banks, institutional funds and sovereign entities to drive mutually beneficial investment outcomes. Her mandate spans boosting trade, strengthening manufacturing capacity and quality, shaping and optimising policy, and enabling R&D partnerships. Rai is now leading India’s ambitious $1 trillion FDI push, with a strong focus on semiconductors, energy and technology sectors.
Shamika Ravi
Member, EAC to PM
Economist Shamika Ravi is a member of the Economic Advisory Council to the Prime Minister, where she not only advises government on policy measures but has also been undertaking crucial research on economy and the impact of economic policies. Her focus areas are economics of development, including areas of finance, healthcare, urbanisation, gender equality, and welfare and poverty. Her recent research work such as Time Spent on Employment Related Activities in India and Changes in Durable Goods Ownership in India have shown ground level realities and how policies have helped shape lives of Indians.
N. Kalaiselvi
Director General, CSIR and Secretary, DSIR
N. Kalaiselvi is the first woman to head the Council of Scientific and Industrial Research (CSIR)—India’s largest network of national laboratories. An electrochemist by training, she spent most of her career at the Central Electrochemical Research Institute, where she worked extensively on lithium-ion, sodium-ion, and metal-air battery systems. At CSIR, she oversees research across sectors. Her current priorities include strengthening technology translation, expanding industry partnerships and building research capabilities in next-generation energy storage. She also focuses on creating structured pathways for young scientists to participate in long-term applied research.
Ashwini Bhide
Principal Secretary, CM of Maharashtra
Ashwini Bhide, an IAS officer from Maharashtra, has spearheaded some of the biggest infrastructure projects, including the development of the Mumbai Metro 3 (Aqua line)—the city’s first fully underground Metro corridor. The entire 33.5-km stretch opened in October 2025. Known for her organisational skills and technical acumen, she, as the Managing Director of Mumbai Metro Rail Corporation Ltd., is leading the expansion of the metro project in the city with connectivity to the Mumbai-Ahmedabad bullet train station in Mumbai.
