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 titled ‘The Economic Implications of the Union Budget (1972-73)’ is authored by Professor Russi Jal Taraporevala and published in 1972. The author talks about the abnormal conditions like influx of refugees, natural calamities, and Indo-Pakistan War to understand the background of the budget. He elaborates the main developments in national income, agriculture, investment, industrial stagnation, price level, etc. He further highlights the key trends of the budget like moderate increase in taxation, increased custom, excise and import duties, minor changes in direct taxation, and the withdrawal of 5% concession for priority industries. He states that the budget contains a modest tax effort as compared to the previous three budgets. He warns that if there are new tax burdens, it will be a death blow to accelerated economic development.