In furtherance of my last two posts on the daily habit of reading business news, I want to highlight yet another cornerstone event for law students who aspire to become corporate lawyers – the National Budget.
During my law school days (1988โ1991), I was fascinated by the Budget speeches of the legendary tax and constitutional counsel Nani Palkhivala. Our routine was simple but extraordinary: first, attend his public Budget lecture at Brabourne Stadium; then the CA-focused session at IMC; and finally, a detailed overview on indirect taxes by the late Dadi Engineer, Senior Partner at Crawford Bayley & Co. Advocates & Solicitors – where I began my corporate law career. These werenโt casual events – they were classrooms without walls.
I vividly recall a senior hashtag#CharteredAccountant sitting next to me, gently advising:
โ๐๐ข๐ฌ๐ญ๐๐ง ๐ญ๐จ ๐ญ๐ก๐ ๐ ๐ข๐ง๐๐ง๐๐ ๐๐ข๐ง๐ข๐ฌ๐ญ๐๐ซโ๐ฌ ๐๐ฎ๐๐ ๐๐ญ ๐ฌ๐ฉ๐๐๐๐ก, ๐ญ๐ก๐๐ง ๐ซ๐๐๐ ๐๐ฑ๐ฉ๐๐ซ๐ญ ๐ซ๐๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ก๐ ๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐ข๐ฆ๐๐ฌ, ๐๐ง๐ ๐จ๐ง๐ฅ๐ฒ ๐ญ๐ก๐๐ง ๐๐ญ๐ญ๐๐ง๐ ๐๐๐๐ฉ๐๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐ฌ๐๐ฌ๐ฌ๐ข๐จ๐ง๐ฌ.โ
I have followed that practice ever since – now through live expert discussions on TV and various business publications.
I also remember how Late Shri S.Y. Rege, under whom I worked at Crawford Bayley, would spend hours reading the budget text and marking key provisions in the Taxmanโs Income Tax book. Later, my CA friends and I would watch the Budget speech together and discuss it live as it unfolded.
The reason I write this post today is to urge law students serious about corporate law to adopt this practice too – because understanding the Budget isnโt just for economists or accountants.
It is a foundation for business lawyering.
When you meet clients – foreign counsels, senior partners, CFOs – more often than not the first part of conversation revolves around Budget reforms before โlegal issuesโ are discussed. It sets the stage for how deals, tax structures, M&A valuations, regulatory compliance and investment decisions are shaped.
So Why Should a Law Student Make This a Habit?
Because the Budget speech and the expert analysis that follows are not abstract numbers – they represent:
- Policy direction that shapes corporate decisions
- Regulatory shifts that impact contracts
- Tax reforms that influence deal valuation
- Sector priorities that determine investment flows
Conclusion – Make Budget Reading a Law School Tradition.
- Start young.
- Follow the speech.
- Read expert reactions.
- Discuss with peers.
When clients ask you about the legal impact of a Budget change, let your answer reflect insight – not ignorance.
Every Law Schools should organize a detailed discussion on National Budget!