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 “The Union Budget 1994-95” was published on March 20, 1994 and was authored by Nani A Palkhivala. The author critically examines the union budget of the fiscal year 1994-95. He analyses the sectoral impact of the budget, including the banking sector, taxation, exports, energy and so on. He discusses the aspects of the budget that opens up the economy including permitting the entry of foreign institutional investors. He concludes by proposing some changes to the overall budget process.