India most expensive market, no amount of handwaving can justify valuation: Aswath Damodaran

India's equity market is the world's most expensive, trading at a high 31 times earnings, says valuation expert Aswath Damodaran. Despite strong corporate earnings and policy reforms, such high valuations are unsustainable without robust earnings growth. Damodaran cautions that rising premiums could lead to disappointing returns if not matched by significant growth.