The Indian Liberal Group was a think tank founded in 1964 by Minoo Masani,to promote the Liberal philosophy, and to place before the country an alternative to socialists, supporting the ongoing economic reforms. The text titled “Union Budget 2002-03” is a review of the union budget for the year 2002-03. The text discusses GDP growth and industrial growth, the economy slow down and discusses the poor condition of the country. Then the text suggests that the economy needs a strong demand push and at the same time says the path of deficit financing is fraught with risk. The text talks about the government adopting Keynesian approach and increasing public investment in the infrastructure sector. Further, it discusses the problem of interest payments and how it can be solved and explains how the Budget talks about reducing central government staff strength. Then the text praises the finance minister for initiating a system where the revisions in the interest rates on contractual savings on a non discretionary automatic basis and also criticizes him for avoiding the most important issue in agricultural reform by deferring the reform of the foodgrain procurement system. At the end, the text concludes with a suggestion that Budgets of the Union need to be supported by legislations and decisions that help ensure the taxpayers’ rupee yields the maximum returns.