A heatwave is scorching the Indian economy this summer. On May 9, the rupee slid to an all-time low of 77.5 against the dollar. Three days later, we learnt that the country’s benchmark inflation rate had soared to an 8-year high of 7.8% in April. Each figure can adversely affect the other. After two years of pandemic slump, they are a drag on the country’s economic recovery.