This Colloquium, coordinated by Prof. Ravindra H Dholakia, features an analysis of the Union Budget, 2008-09 by an eminent panel of analysts. While Prof. Bakul Dholakia analyses the macro-economic implications of the Budget, 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, Shri Jay Narayan Vyas examines the likely impact of the indirect tax proposals on the growth of industry and trade with some focus on the state economy of Gujarat, and Prof. Shailesh Gandhi and Shri Mukesh Patel go into the details of the direct tax proposals in the Budget to consider their likely impact on the individuals and business. Finally, Prof. Ravindra H Dholakia presents his views on the macro aspects of the Budget and the role it would play in the reform process in the country.