The following booklet titled “Union Budget 1995-96: Cementing the Reform Process” was published on April 14, 1995, and was authored by H.P. Ranina. It is a critical analysis of the Budget 1995-96 presented by Dr. Manmohan Singh. The author applauds the anti-poverty program introduced in the budget and the measures taken to grapple with the monster of inflation. He mentions that while industries have responded magnificently to the reforms introduced in the past three years, not many tax benefits have been provided to the corporate sector in this year’s budget. According to him, industries should be given an additional push to get them into a two-digit growth rate. Further, the author condemns the step of discontinuing a tax rebate of 30% for new industrial undertakings and argues that however advanced a country might be, there is always a need for new industries to keep alive the momentum of industrial growth. Nonetheless, he appreciates other tax reforms such as the 100% tax exemption made available to computer software exporters and the five-year tax holiday to infrastructural projects. Moreover, throughout the text, the author analyses and elucidates various reforms and amendments introduced under the Income-tax Act and the finance bill that seem to impact the economy substantially.