Prime Minister Narendra Modi has described as “historic” the cut in corporate tax rates and asserted that economic announcements made in the past few weeks show that his government is leaving no stone unturned in making India a better place to do business.

The announcements in the past few weeks clearly demonstrate that the government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of the society and increase prosperity to make India a $5-trillion economy, he said on Twitter.

“The step to cut corporate tax is historic. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians,” he said.

Battling six-year-low economic growth and a 45-year-high unemployment rate, the government on Friday slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them on par with Asian rivals such as China and South Korea as it looked to boost demand and investments.