Short Answer: Yes. It can be!

According to the Open Budget Index 2006 (pdf), while six countries (France, US, UK, New Zealand, South Africa and Slovenia) provide extensive information to citizens, and nine countries (Botswana, Brazil, Czech Republic, Norway, Peru, Poland, Romania, South Korea, and Sweden) provide significant information to citizens, India is among the countries which provide some information to its citizens. The International Budget Project (IBP) home page provides some more details; for example, the budget groups in India, and a page explaining participatory budgeting.

I ended up at the IBP homepage via this article in the latest issue of Economic and Political Weekly (pdf) which argues for a more transparent and participatory budget preparation for India. The article further notes that there is no evidence to indicate that a closed budget process is essential–on the contrary, there are some reports (I guess the references are to the reports available here and here) which show that such a closed budget preparation system actually leads to corruption, inefficiency and speculation.