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 Economic Implications Of Union Budget 1978-79” was published on April 5, 1978 and was authored by Professor Russi Jal Taraporevala. In this booklet, the author reviews the Union Budget for the financial year 1978-79 by expressing his personal view. The author discusses the agricultural production, industrial production and the causes for the setbacks in the growth rate of industrial production in previous years. Further the text covers the issue of unemployment, savings and investments, price behaviour, monetary policy, and foreign trade and balance of payments. Then the text talks about the budgetary deficit for the coming year, outlay on the Annual Plan, Budget proposals, excise duties, and customs duties. The author also discusses Direct Taxation, Personal Taxation, deduction of specified long-term savings, investments in new shares, long term capital gains, minor concessions, Business Taxation, export development allowance, and abolishment of Interest Tax. The text concludes with some suggestions from the author.