I think some of these proposals were rather absurd mistakes which were part of the original budget. It is good that the democratic process of Parliamentary debate and further consultation with his colleagues has helped him to come forward with these modifications. To that extent, I must say that these modifications are an improvement on the Budget. But as I said in the beginning, I would like to reserve our right and my right also to make further comments after examining the implications of these modifications.

We have now reached the last phase of the processing of the Budget. When we reach the stage of the consideration of the Finance Bill, It is practically the last phase and we can possibility take the more objective and realistic view of the Budget as was presented. The socio-economic and political policies which it represents can be very properly viewed. At this point of time, we can have more realistic view of the whole budget process. Therefore, it will not be out of place if I may make certain general observations about what the Budget and also the Finance Bill stand for and represent. As a matter of fact, the Finance Bill is not merely a financial document. As it is an instrument of Government to implement the socio-economic policies, it becomes a socio-economic and political document also. Therefore, general observations become more relevant. I, therefore like to take this opportunity to examine some of the points that have come up during the whole process of passing of the Budget.

Sir, in the last few days we were discussing in this honourable House, individual demands. I had the privilage of listening to the speeches of almost all the hon. Ministers on individual demands here. I was wondering as to how the whole process looked like : Presentation of the budget, the Finance Minister’s Budget speech, individual demands and discussion on them. Then again this further discussion on the Finance Bill. The whole process looks like playing an orchestra where the body of individuals with their instruments come together and play the music. What is the test of an orchestra? The test of good orchestra is that it must produce harmonious blending of different musical instruments.

Shri jyotirmoy Basu : You also really did it during your time.

Y. B. Chavan : I hope you enjoyed it. But I find - let me come to the point - no ears for good music. I was trying to make a distinction between the collective impression that I got of the budget speech, discussion on demand and the Finance Bill. The impression that I got from the individual performance of the artistes - by artistes I mean the Ministers in-charge of different demand - is that I find that certain performances were very good indeed. I must also say  very frankly that some of the performances were rather crude. I do not mean any  feeling for anybody. It is only my general impression. We are ultimately interested to know as to what exactly this budget stands for. We are curious to know what exactly is the economic and social policy of this new Government and we really want to understand it so that we can cooperate with them. This is our main approach.

The presentation of budget was so disappointing that it revealed nothing Really speaking, it confused not only myself but it was all pervading. I do not want to take the time of the House, but I certainly would like to give you some of the reaction of the Press. This is not the press of the Congress; this is some thing which can be called the Janata Press, at least it is not pro-Congress Press. For example, here is what the Stateman of 23rd June says. I quote : “There notable absence of new thinking on most important issue of fiscal policies. Lac of initiative in the last three months has created a suspicion that the propose economic changes may not be, in fact, as radical as promised.” This is a compliment from the Statesman. I can give you another example. The Capital Economic publication from Calcutta on 23rd June says, “Confronted by ti-conflicting pressures on diverse ideaologies in the Ruling party, the Finance Minister has sought and obtained refuge in mediocrity.” I am not saying this. Please do not misunderstand.