It is topped by German Chancellor Angela Merkel for the 10th year in a row.
New Zealand's Prime Minister (PM) Jacinda Ardern and United States (US)'s Vice President (VP)-elect Kamala Harris have also been featured in the list.
Finance minister Nirmala Sitharaman, Biocon founder Kiran Mazumdar-Shaw, HCL Enterprise CEO Roshni Nadar Malhotra, and the chairwoman of Landmark Group Renuka Jagtiani have been named among the world's 100 most powerful women by the Forbes Magazine.
Sitharaman is ranked 41st on the list, Nadar Malhotra comes in at the 55th spot, Mazumdar-Shaw is ranked 68th and Renuka Jagtiani is ranked 98th.
Nirmala Sitharaman is India's first full-time female finance minister.