India, March 16 -- India celebrates the success of its women. We point proudly to women astronauts, bankers, entrepreneurs, and political leaders as evidence that the country is breaking barriers. But step inside most corporate boardrooms in India and a very different reality appears.

Women today account for roughly a quarter of the workforce in India's listed companies, yet barely 5% of those companies are led by women CEOs. Somewhere between the first job and the corner office, women disappear from the leadership ladder. For a country that prides itself on its demographic dividend and managerial talent, this is not just a gender imbalance - it is an economic paradox.

At first glance, the picture appears encouraging. Women are joining ...