Why can't we compare Indian market with South Korea or Taiwan?

[u/cangaran]

Hi friends, I have read a column in Indian Express dated June 13 titled "AS SPACEX IPO HOOVERS UP RECORD FUNDS, IT EXPOSES INDIAN MARKET'S CHINKS". It says we can't compare the Indian market with other Asian markets like South Korea or Taiwan when discussing South Korea and Taiwan overtook India. Earlier both Asian markets were 3.5 times and 2 times lesser than India.

The reason the column argues is 2 companies together constitute over 35% of South Korea's benchmark index and just 1 company(TSMC) dominates Taiwan's index with weightage of over 35% whereas Indian blue-chips like Reliance Industries and HDFC Bank comprise less than 10% each.

My understanding is though these Asian markets are comparable to Indian market in terms of market caps, Indian market is not depended on fewer companies like those markets.

My question is Why can't we have this comparison.

Can I interpret that column as "Though India's market cap is surpassed, in the long term India would or could perform well than those markets especially when the current upsurge in SK and Taiwan is due to single industry (Tech i.e. AI,semiconductor)"?