New Delhi, Feb. 3 -- The tax cut announced in the budget was driven primarily by the intent to honour the honest taxpayer, said finance minister Nirmala Sitharaman. In a wide-ranging interview to Mint and HT, she explained the philosophy behind the new Income Tax bill expected to be tabled in Parliament this week, what the government is doing to ensure regulators don't operate in silos, how the government is trying to diversify export markets and the plan to reach 8% GDP growth to become a developed country by 2047. Edited excerpts:

Yes, that is one, and also see normally, tax relief will not be this range, and will also not be simultaneous across the board. You were at two (lakh rupees starting tax slab), then you'll raise it to 2.5 or ...