New Delhi, Oct. 2 -- Amid all the flux in the global economy, the finance ministry's economic review for September is reassuring but also sobering. Though it sees India's economy growing 7.3% in the July-September quarter, an enviably high rate, the momentum may be slowing. Domestic and external challenges abound, making it harder to hold that pace.

The impact of weak monsoon rains on farm output, high oil import bills, inflation trends and globally hardening interest rates could all weigh on the economy. "India cannot afford to take its growth performance for granted," it said. Weaponization of supply chains and geopolitical polarization are intensifying in its analysis. Overall, its assessment has a cautious tone, which should keep pol...