India must ask why its tech sector isn’t producing global mega-cap giants, says valuation expert Aswath Damodaran, urging policymakers to fix what he sees as systemic obstacles holding back innovation.

In a podcast with ETBFSI, Damodaran compared India’s startup ecosystem to the U.S., which he described as “unique” for enabling tech companies to scale rapidly from obscurity to trillion-dollar valuations. Advertisement

“Europe has no great tech companies. Latin America has no great tech companies. Canada’s maybe got a couple — Shopify, maybe Spotify in Europe — but the U.S. is different,” he said, pointing to companies like Facebook, which hit a $2 trillion market cap in just over a decade. “There’s something in the process that allows that to happen in the U.S. but doesn’t seem to allow

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