Most Indian retail portfolios are essentially single-country bets. That has worked well historically because Indian equity has compounded strongly. But concentration risk is concentration risk regardless of how comfortable the bet feels in the rear-view mirror.
The institutional consensus globally is that home-country bias is rational up to a point — generally 60–70% of equity in your home market for psychological and tax reasons — but full concentration is irrational. A 20–35% global sleeve is the typical advisor recommendation for an Indian HNI.