It would be better to interpret the result if you provided with the complete details of the investigation.
These are the interpretation of the information you provided.Hemoglobin
7gm / dl - severe anaemia
Microcytes - Small sized RBC
Anisopoikilocytosis - means increased variability of RBC (Red Blood cells) present in blood film. Target cells and Tear drop cells are different shapes of RBC (variability).
These means, the child has severe anaemia may be due to iron deficiency
(most probable), or Thalassemia
The child may require blood transfusion
However, more investigations and clinical correlation are required to reach the diagnosis. Please consult your doctor.