Openness in the financial system is also of equal importance, and a clearer picture of corporate profitability is also welcome. Several of the countries in SE Asia, for instance, ran a budget surplus, and could scarcely be faulted for their fiscal policies. Rather, it was the unregulated and ramshackle state of theirunderdeveloped financial sector which took its toll on the economies. Even for corporates, it was not so much the strength of their balance sheets but their influence with the establishment that mattered. Yet, international banks lent to these countries knowing their shortcomings fully well. Consequently transparency alone will not be enough, but it may be a pre-condition to tackling similar crises in future. In India, scope for improvement in fiscal as well as banking and corporate transparency is enormous. First and foremost, the concept of a public sector borrowing requirement should be introduced without delay, to stop the government from camouflaging its deficit. Second, bank NPA levels need to be made more transparent. And lastly, the web of inter-corporate loans and advances within a group needs to be unravelled by introducing consolidation of accounts.