The Indian Liberal Group was a think tank founded in 1964 by Minoo Masani, to promote the liberal point of view and educate the public on the concept of libertarianism and defend the fundamental values. This text is titled “The Liberal Budget 2007-08” and covers the fourth Liberal Budget for the year 2007-08. The text has a total of five chapters. The very first chapter of the text covers the Fiscal Issues, several areas of serious concerns, strategic framework of LB4, an overview of earlier liberal budgets, tax reforms, expenditure reforms, evaluation of Central Budgets with the LBs over the last three years, fiscal challenges before India and the strengths of the Economy. Chapter titled “Taking On the Challenge of Poverty” talks about the trends in poverty, the challenge of inequality in India and Liberal Budget approach to issues of poverty and inequality. Then the author discusses how to increase the effectiveness of interventions. Chapter “Post-Reforms Labour and Employment Issues” covers the structural changes in Labour and Employment including social changes and economical changes. He then talks about the growth of employment and unemployment, changes in the employment scene, sectoral analysis, imperatives, challenges and recommendations. Chapter four, i.e. “Towards Faster and Inclusive growth” explains the macro-economic indicators with concluding remarks. The last chapter discusses the reforms in Tax policy and Tax administration which includes Direct taxes and Indirect taxes.