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:1997-98 – Foundation For An Indian Economic Miracle” was published on March 15, 1997, and was authored by H.P. Ranina. The author hails the 1997-98 budget as a historical path-breaking budget that will make India an attractive investment destination not only for its own people but for foreigners and non-resident Indians as well. He highlights that one of the great merits of the Budget proposals is that a comprehensive incentive package has been framed for oil exploration. He notes that never in the fiscal history of India have the rates of tax been brought down for individuals to a low of 30%. He goes on to discuss the features of the proposed voluntary disclosure of income and wealth scheme. He highlights some of the key corporate reforms initiated by the budget. For instance, he argues that the Bill proposes to extend the tax holiday to industrial parks is expected to encourage investments in industrial infrastructure. He notes that the reduction in excise and customs duties will also help the industry substantially and the additional burden on the steel industry. He further highlights some of the noteworthy Budget proposals like the granting of administrative and financial autonomy to public sector units, further liberalisation of the infrastructural sector, liberalisation measures for oil, gas and power projects etc. He concludes by stating that when India emerges as one of the front-line nations of the world, the name of P. Chidambaram will be etched in history as the architect of India’s economic miracle.