With rising debt and interest burden there was a need for a change in fiscal policy change In the Indian economy. This paper shows the possibility of an alternative change to the IMF dictated budget adopted at that time. A comparison has been made between four scenarios. Scenario I has been drawn up to show the 1994-95 budget if the country would have been persisted with the observed trends of 80s. Scenario II are the projected estimates for 1994-95 if IMF dictated policies are followed. A comparison between the revised estimates of 1993-94 and alternative budget 1994-95 (Scenario IV) has been done.