Union Budget 2008–09: Promises and Prospects

Union Budget is a comprehensive statement of the fiscal policy of the central government announced once in a year. In the present Colloquium, Prof.Bakul Dholakia analyses the macroeconomic implications of the Union Budget, 2008-09, including the likely problems in achieving the fiscal targets set out by the FRBM Act. Mr Sunil R Parekh presents an overall critical analysis of the Budget. ShriJay Narayan Vyas examines the likely impact of the indirect tax proposals on the growth of industry and trade with some focus on the economy of Gujarat. Shri Shailesh Gandhi and Shri Mukesh Patel go into the details of the direct tax proposals in the Budget to consider their likely impact on individuals and business.Finally, I present my views on the macro aspects of the Budget and the role it would play in the reform process in the country.