The following booklet titled “The Union Budget 1992-93” authored by N.A. Palkhivala commences by applauding the ‘well conceived’ budget, which proposes four major features including – liberalization, integration of the Indian economy with the global market, reduction of taxes and a stable balance of payments situation. Especially with regards to the liberalization policies, the author believes the budget to be a watershed moment for the Indian economy, which terminates India’s tryst with State socialism and allows our ‘caged’ economy to compete with world economies. With regards to India’s integration into the world market, the author believes it to be integral considering the emerging concept of a global village. The author further believes that the proposal for reduction of taxes is a matter of national interest. The depleting export rates further require reinvigoration of export production to improve the balance of payments situation.
However, criticisms also arise in terms of the government’s questionable move of re-introducing wealth taxes on companies which can have repercussions on the shareholders of companies.