New Delhi, Jan. 30 -- This year's Economic Survey has been published under the shadow of a geo-economic upheaval. Although it strikes an optimistic note on India's economy, it offers a realistic assessment of the global risks we face.

It pegs GDP growth for 2026-27 in a range of 6.8%-7.2%, a bit less than this fiscal year's estimated 7.4%, but robust in a high-flux context. It credits the Centre's capex outlays and recent reforms for not just upping the economy's pace of potential growth to an annual 7% from 6.5%, but also keeping inflation benign.

Macro-level stability, however, no longer lures foreign capital-the "paradox of 2025," as the survey puts it. For an economy that runs a trade deficit, this is a problem. Especially since Ind...