India has become a highly competitive investment destination post corporate tax reduction as the rates are now lower than that in China and most Southeast Asian countries, Finance Minister Nirmala Sitharaman said on Sunday.

India was earlier at disadvantage because of a couple of factors and on top of it was the high corporate tax rate, she said, adding that the reduction has made it attractive for foreign investors, including iPhone maker Apple, to set up units in the country.

"The top consideration on which India was rejected as investment destination is now better than everybody else... For some one who is coming up with new investment, no country is offering 15 per cent (tax rate). We are giving 15 per cent with no MAT (minimum alternate tax) and simpler taxation structure," she said.

Quoting experts, she said India is now much better than China in terms of rate, transparency, and tax administration so companies can now look at India for setting up new units.

"Apple and its entire ecosystem's moving will have a greater impact. Everyone who comes now will straightaway get 15 per cent tax benefit. Component manufacturers of Apple in China will find India more attractive to have units at 15 per cent in India than 25 per cent there," she said.

Apple or any foreign company can come and set up business and enjoy the competitive rate of 15 per cent, she said, adding that the stipulated timeline for the product roll-out from the new unit is on or before March 31, 2023.

In the biggest reduction in 28 years, the government on Friday slashed corporate tax by almost 10 percentage points as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a Rs 1.45-lakh crore tax break.