The following booklet titled, “The Economic Implications Of Union Budget 1977-78” was published in August 1977 after the Finance Minister, Mr. H. M. Patel presented the Union Budget. Authored by Russi Jal Taraporevala, this text uses key empirical insights from ‘The Economic Survey’ and serves as a concise recapitulation of the Union Budget. By providing the readers with the background information regarding the stagnant state of the Indian economy in 1977 and the economic policies imposed by the previous government, the author draws attention to the challenges faced by the ruling government while drafting the budget. The author discusses in-depth the positive shift in the government’s priorities in favour of rural development, eradication of poverty, employment generation, etc. This text is based on a public lecture delivered under the auspices of the Forum of Free Enterprise and some other organisations in Mumbai on 22nd June, 1977.