India, June 21 -- On the whole, the economy appears healthy, and largely driven by internal consumption. But challenges abound.

The latest GDP numbers announced on June 5 surprised everyone. The economy grew by 7.8% in the final quarter of the last financial year and 7.7% for the whole of that year. This was music to our ears, because, thanks to President Trump's tariff tantrums and the Iran war, we were expecting much worse. To be sure, the latest numbers indicate that India may be well past the sweet spot it hit last November-its Goldilocks moment, according to RBI Governor Sanjay Malhotra-but the country's long term growth story is still very much intact.

On the whole, the economy appears healthy, and largely driven by internal consu...