Co-hosts Arvind Panagariya and Pravin Krishna offer suggestions for the first budget of the 2020s. In the first half of the episode, they discuss the core budget consisting of expenditures and revenues. In the second half, they offer suggestions for reforms. On the former, they suggest maintaining fiscal discipline while shifting expenditures towards defense and infrastructure. On the revenue side, they suggest cuts in personal income tax rates along the lines of corporate tax reform, removal of exemptions and aggressive programs of privatization and asset monetization. They urge the Finance Minister to pay special attention to exports and creation of good jobs for those with limited or no skills. They specifically pitch for focused attention to labor intensive sectors such as apparel, footwear and other light manufactures.