The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff and was 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 titled, “The Central Budget 2004-2005, The Liberal Budget” was published on July 18, 2004 and was authored by the Editor who was also a member of the Drafting Group of The Liberal Budget. This booklet presents a comparison between the two policy frameworks i.e. The Liberal Budget and The Central Budget, and reflect objectively on their areas of convergence and divergence, in terms of both policy as well as strategic formulations. Summing up the topic, the text suggests the scope of the budget must encompass various other policy initiatives by way of an annual statement of Government’s intentions and directions on a revolving basis. Moreover, the text summarises the Liberal Budget and talks about the key basic tenets of the Budget, nine-point objectives of a Liberal State, principles of the Budget, and suggests that the Liberal Budget calls for some crucial policy initiatives.