Corporate Tax Cut Historic Step, Says Modi as 'Make in India' Suits Up for Global Competition Amid Slowdown

New Delhi: Prime Minister Narendra Modi hailed the finance ministry's move to slash corporate tax rates as a "historic" decision that will give stimulus to the 'Make in India' initiative. He further highlighted that the measures taken by the government in the last few weeks show that it is leaving no stone unturned to make India a better place to do business.

"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 on Tiwtter.

"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, improve opportunities for all sections of society and increase prosperity to make India a $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.