The list, which was analyzed on the basis of social media followings, site traffic and overall ability to drive news, also includes British author J.K. Rowling of the Harry Potterseries fame and singers Taylor Swift and Beyonce.

Time said the Indian Prime Minister has roughly 38 million followers on social networking sites Twitter and Facebook, putting him ahead of any other leaders in the world except Obama.

"And unlike many of his contemporaries, Modi recognises that social media can be invaluable when trying to reach India's 200 million-plus online population directly," the Time magazine said.

The list also includes reality star Kim Kardashian, singer Justin Beiber, actress Gwyneth Paltrow, Chinese actress Yao Chen, singer Shakira, photographer behind the hugely popular blog Humans of New York Brandon Stanton and TV personality Jimmy Fallon.