is India actually worth the hype right now?

Been looking at India more lately and I genuinely can't tell if people are underestimating it or getting carried away. On one hand, you've got the obvious stuff: economy growing faster than most places, huge young population, manufacturing push, supply chains moving around, more global money paying attention. Easy to see the long term story. But then I look at valuations and some of this stuff feels… expensive already. Add currency risk, and the fact that every EM pitch deck now also has Vietnam