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 “Union Budget 1991-92 – A Neat Balancing Act” was published on August 14, 1991, and was authored by H.P. Ranina. The author extensively discusses and analyzes Finance Minister (FM), Dr. Manmohan Singh’s maiden budget. He emphasizes that the FM has done a splendid job in containing the budgetary deficit and proposing anti-inflationary measures while restricting the additional burden of tax on the corporate sector to the bare minimum. He notes that the budget will be a watershed in India’s fiscal history because fresh policy changes have been announced which would bring about a sea-change in the economic and industrial scenario of the country. He goes on to spell out the content of the budget. He notes that the FM has highlighted three critical areas where immediate steps are needed- foreign exchange reserves, debt position and inflationary pressures. The author highlights an important policy measure taken by the Government which is to review the working of the public sector undertakings. In his concluding remark, he notes that the FM has used his acumen and skill to contain the budgetary deficit and, at the same time, raise the level of industrial growth.