The Forbes 2019 list of 'The World's 100 Most Powerful Women' has been topped by German Chancellor Angela Merkel, followed by President of the European Central Bank Christine Lagarde in the second spot and Speaker of the US House of Representatives Nancy Pelosi, ranked third. 

Also on the list is Bangladesh Prime Minister Sheikh Hasina (29). "In 2019, women around the globe took action, claiming leadership positions in government, business, philanthropy and media. These trailblazers are not to be messed with,' Forbes said. 

Sitharaman, a newcomer on the Forbes most powerful women list, is ranked 34th. India's first female finance minister, Sitharaman has also served as the country's defence minister. Sitharaman is the first female to hold the portfolio full time. Before this, former prime minister Indira Gandhi briefly took the additional charge of the ministry. Nadar Malhotra is ranked 54th on the list. As CEO of HCL Corporation, she is responsible for all strategic decisions for the USD 8.9 billion technology company. Malhotra is also the chairperson of the company's CSR Committee and is a trustee of the Shiv Nadar Foundation, which is focused on education and has established some of India's top colleges and schools, Forbes said. Mazumdar-Shaw, ranked 65 on the list, is India's richest self-made woman and founder of the country's largest biopharmaceutical firm Biocon in 1978.