The Indian economy may shrink five per cent in the current fiscal, and may barely recover the loss next year by growing five per cent, said Montek Singh Ahluwalia, former deputy chairman of the Planning Commission. However, the crisis doesn’t give the government the freedom to pursue policies with no fiscal targets in mind, or tell the Reserve Bank of India (RBI) to print more money, former central bank governor D Subbarao said. Both were participating in a webinar hosted by Bhavan's SP Jain Institute of Management Research, and moderated by Ananth Narayan, associate professor of the institute on how to navigate the Indian economy through the present crisis.