India, Aug. 31 -- At 7.8%, gross domestic product (GDP) growth in the June quarter was a happy surprise for many analysts. This, perhaps, has more to do with inflation adjustment rather than an extraordinarily high growth momentum in the economy. To be sure, this is just a statistical tailwind and not some sinister attempt to make the numbers look better than they are. Even without the indexation tailwind, the Indian economy would have continued to do well and retain its position as the fastest-growing major economy in the world. Having said that, is there a larger takeaway from the GDP data? Three things can be flagged.

The otherwise excellent 7.8% print should not induce complacency on the external headwinds to growth that are gatherin...