The following booklet titled “A Historic Budget” was published on April 13, 1994, and was authored by H.P. Ranina. The text is an in-depth analysis of the 1994-95 budget proposed by Dr. Manmohan Singh. According to the author, the budget’s three most striking features include structural changes in customs and excise laws, accelerating the pace of liberalization, and a fresh impetus to globalisation. He explains the several reforms introduced in the new corporate tax laws under the budget and describes how they’ll benefit the economy. Further, he elucidates the Finance Bill, 1994, which aims to revamp the capital gain tax structure. Concerning the invidious actions that result in many escaping their duty of paying taxes, the author applauds the introduction of Section 44 AD that proposes to widen the tax base through presumptive taxation. Finally, other liberalisation measures such as reduction in tax rates, greater convertibility of the Indian rupee, deduction of expenditure tax on hotel bills are also appreciated by the author.