Just my thought on understanding, I think we are not in bubble zone and valuing Business with PE is going irrelevant in recent time.
As a economy we are marching towards 5 trillion (already we around now 2.5Trillion ),Young demography plus Apple Netflix Microsoft is trillion dollar company then company whose outsourced work is completely done majority by Indian IT company .Due to cost & cheap labour most of the work will be outsourced and will benefit Indian IT tech giant. Example Microsoft,Apple are major revenue driving account in few Top 5 IT companies.
Is like win -win situation. When Apple,Google,amazon,Netflix,Visa,Microsoft are getting rerated and going trillion mark then this should translate more PE valuation will be given to Indian Tech area. I believe this is just trailer and main picture bhaki yeh
Example :TCS is 11 lakh Market cap will sure touch 1 trillion (60 Lakh market cap ) -> this will happen only when USA or Tech products Gaint get moved to 5 trillion mark.
To World we already proved that IT area and Top IT companies proved their credibility. We cant deny that Big US giant company are gained Market share without IT tech workers.
P.S Apple,Google,amazon,Netflix,Visa,Microsoft whose PE getting re-rated by consider global as market place and we Indian IT company also taking pie in that simple