For those who just talk about Markets valuations.

Not an expert to markets but these questions running in my mind. Nifty's valuation is \~21 PE, Nasdaq is \~43. Nifty is falling while Nasdaq is in its way to climb and surpass its ATH. Still people calling the reason of correction as valuation. I also hear markets prices in the upcoming scenarios, if this would be the case then bubbles would never have been formed in history. Its bit strange to see Emerging Markets like India with huge growth potential, young population and decent valuations struggling while Markets of Developed nations (USA, Germany, UK) advancing to all time highs. My question is if FIIs were to go for better opportunities why would they leave Indian Markets and go for Markets of Developed nations ?