The Indian Liberal Group was a think tank founded in 1964 by Minoo Masani,to promote the Liberal philosophy, and to place before the country an alternative to socialists, supporting the ongoing economic reforms.  The text titled “The Liberal Budget: Building an Equitable Society” was published in 2004 and has a total of three chapters. The very first chapter titled “Liberal perspectives and human development” covers the philosophical position, effective fiscal governance, fiscal consolidation and stabilisation, efficiency & productivity, acceleration of growth, promotion of equity and the nine-point objectives of a liberal state. Then the chapter discusses poverty and employment, welfare, agriculture, education, health, family welfare. nutrition , water supply, roads, irrigation, infrastructure and sanitation. Chapter titled “The current budget scenario” talks about the composition and structure, drawbacks and failures and lessons from a liberal perspective. The last chapter titled “Policy framework and structure of the Liberal Budget” talks about the expenditure management emphasising on accountability and Transparency, qualitative dimension and subsidies. The chapter also explains direct and indirect reforms including principles and objective, reforms in indirect Tax administration and structure and other policy initiatives.