India is making efforts to increase gender diversity on corporate boards, but progress has been slow. According to government data, there has been a steady rise in women’s representation on listed company boards in recent years. However, as of the end of FY23, only 3,232 listed companies in India had 4,741 women directors on their boards. This indicates that there is still a significant gender gap, with 35 listed companies having no women directors. On the other hand, there are 33 listed companies where women make up the majority of the board. Around 30% of directorship roles in 618 listed companies are held by women.
A report by EY showed that India has increased women’s representation on boards from 6% in 2013 to 18% in 2022, largely due to the Indian corporate law mandate. However, less than 5% of companies have female chairpersons, indicating that there is room for improvement.
Different sectors have varying levels of gender diversity on their boards. The Lifesciences sector leads with 24% women representation, followed by the Media and Entertainment sector at 23%. The Consumer Products and Retail sector has also seen a noticeable increase in women’s representation. The Technology industry has one of the highest female representations at 34%. However, the Energy and Utilities sector has stagnant women’s representation at 15%.
In conclusion, while there has been progress in increasing women’s representation on corporate boards in India, the growth is slow. Efforts need to be made to bridge the gender gap and ensure more equal representation in boardrooms across the country.