New York Congress President Sonia Gandhi and ICICI Bank CEO and Managing Director Chanda Kochhar ranked in the top 20 of the World's 100 Most Powerful Women list compiled by Forbes.
Kochhar debuted at No. 20 behind Gandhi who was ranked 13 in the list led by German Chancellor Angela Merkel.
Indian-origin chief executive of Pepsico Indra Nooyi figured at No.3 after Sheila Bair, Chairperson of Federal Deposit Insurance Corp.
Yahoo's Carol Bartz was ahead of Gandhi at number 12 in the list.
Besides Gandhi and Kochhar, Biocon's chairman Kiran Mazumdar-Shaw also featured in the list at number 91.
Gandhi improved her ranking from 21 last year to 13 this year, while Mazumdar-Shaw moved to 91 from last year's 99th place.
Nooyi retained her third position in the list.
Bahujan Samajwadi Party leader and Uttar Pradesh Chief Minister Mayawati, who was ranked 59th in last year's list, did not figure in the latest list put up on Forbes.com.
Regarding Gandhi, Forbes said, she is "still the country's dominant force sinceshe reluctantly entered politics in the 1990s."
The landslide victory in the recent general election further strengthened her position as the leader of "India's most powerful political party" - Indian National Congress.
Kochhar was named as the first woman boss of India's second largest lender ICICI Bank and took charge in May this year.
"She now oversees a bank with assets of $100 billion," Forbes said. She was instrumental in transforming the retail business of ICICI Bank and turning it into a retail banking powerhouse.
Besides, Anglo American Chief Cynthia Carroll, Temasek CEO Ho Ching, Kraft Foods Chief Irene Rosenfeld, DuPont head Ellen Kullman, WellPoint CEO Angela Braly, Areva Chief Anne Lauvergeon and Sunoco head Lynn Elsenhans are among the top 10 powerful women.
Interestingly, speaker of the US House of Representatives Nancy Pelosi (35) was ranked ahead of Hillary Clinton (36), the US Secretary of State, Michelle Obama (40), the first lady of the US, and Queen Elizabeth II (42).
Other dignitaries in list are Melinda Gates (34), the Co-chairperson of Bill and Melinda Gates Foundation, Oprah Winfrey (41), Bangladesh Prime Minister Sheikh Hasina Wajed (78) and Chile President Michelle Bachelet (22) among others.
Forbes' Powerful Women list is based largely in terms of influence rather than celebrity status or popularity.
In assembling the list, Forbes looked for women who run countries, big companies or influential nonprofits.
"Their rankings are a combination of two scores: visibility -- by press mentions -- and the size of the organisation or country these women lead," the US-based magazine said.
Top 25 Women in the Most Powerful List
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