The Indian budget process has become more open in recent years, pledging to reduce the fiscal deficit and cut it further. The open budget approach has succeeded and credit rating agencies are no longer a threat. With the right action plan, the finance minister restored India's global credibility, leading billions of dollars to flow in and helping improve the investment climate. Earlier Indian budgets were secretive and constantly tinkered with tax rates, but the process has become more transparent and looks at spending and revenue over longer time horizons, reflecting India's increased globalization.