Prashant Jain, the founder and CIO of 3P Investment Managers, believes that current market valuations are higher than the 15-year average, but he still considers them to be reasonable.

He points out that there has been a shift in consumer spending habits, with a greater emphasis on convenience and services in sectors like air travel, rail travel services, and food delivery. This change reflects a redistribution of consumer spending towards emerging categories, while traditional consumption segments are slowing down.

Jain also discusses the challenges facing India, including the impact of debt-driven growth on consumption and the decline in exports due to global economic factors. He emphasizes the need to adapt investment strategies to these changing market dynamics, especially considering the risks associated with IPOs and the overall economic conditions.