The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff, and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet is titled “The Economic Implications of The Union Budget 1976-77” and is derived from a public lecture delivered by Professor Russi Jal Taraporevala. In this lecture he discusses the economic implication of the union budget for the year.