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 is titled “The Union Budget 1998-99 is a Brave Response to Challenging Circumstances” was published on June 14, 1998, and was authored by H.P. Ranina. This is a textual representation of a talk delivered by H.P Ranina on 3rd June 1998. The author acknowledges that in some key areas the economy performed well, but in many others, the “laggard effect” was clearly discernible. Further, the author elucidates the positive aspects of the economy. The author talks about adverse economic trends and elucidates specific provisions in the budget for the corporate sector. The author concludes with the view that the BJP-led Government’s maiden budget proposals not only ensure the continuance of all existing benefits but also provide for several new incentives which will be a boon to entrepreneurs, both Indian and foreign, who propose to invest in the core sector and expects to see whether the Government will be able to manage the economy effectively so as to blunt the impact of inflationary pressures.