Prime Minister Narendra Modi on Friday termed as "historic" the cut in corporate tax rates and asserted that economic announcements made in the last few weeks show that his government is leaving no stone unturned to make India a better place to do business.

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The announcements in the last 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 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.

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

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 percent to 25.17 percent to bring them at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.