Prime Minister Narendra Modi has termed the step to corporate tax historic and said the move will give a great stimulus to Make in India.

"The step to cut corporate tax is historic. It will give a great stimulus to Make In India, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," PM Modi said in a series of tweets on Friday.

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. https://t.co/4yNwqyzImE Narendra Modi (@narendramodi) September 20, 2019

The Prime Minister added that measures taken in the last few weeks demonstrate that the government will leave no stone unturned to improve opportunities for society.

"The announcements in the last few weeks clearly demonstrate that our government is leaving no stone unturned to make India a better place to do business," PM Modi tweeted.

PM Modi also hoped that the latest steps will attract private investment from across the globe; increase prosperity to make India USD 5 trillion economy.

Battling a 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 at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.

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