New Delhi, Aug. 10 -- The Indian economy is resilient. It will absorb the shock of Donald Trump's tariffs and plough on. Like a river that eventually flows into the sea, the economy will respond to the sudden obstacle by changing course and springing new distributaries.

As I have written in these pages before, India's size, diversity, demographics and popular expectations drive its growth. A dip in trade with the United States might shave up to half a percentage point off India's growth rate this year. This is smaller than how much a bad monsoon affects India's economic output.

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