'Manufacturing-led growth, its won't be left behind'

US TRADE DEAL, SAYS NIRMALA SITHARAMAN

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Many commentators appear concerned the states have been denied revenue deficit grants. That money, however, has not come to (the Centre); it has gone to local bodies

reform. Each state can see which ones they can do, which they can’t, and take the tied portion as well. We will be working on it.

What is the broad message that this Budget has sent out to foreign investors? There is a sense of disappointment about the lack of bold reforms. We need capital...

Reforms are not being undertaken only through announcements made in the Budget. It continues throughout the year. We didn’t wait for the Budget to announce GST reforms. Labour Codes also were rolled out beyond the Budget. So, reforms take place throughout the year and, as and when the department is ready and clear about how to go about them, we announce them. They don’t wait for a Budget.

Could we expect more reforms like relaxations of the sectoral limits for FDI and FPI?

It depends on the respective departments. But in a majority of sectors, the limits have been relaxed.

In the Economic Survey, it was said that the borrowings, or the fiscal profligacy of the states, are leading to very high bond yields. Because of that, the Centre's borrowing cost is also higher...