Error when trying to host an asp .net core web application on windows 10

I have an asp .net core web application. When I run this from Visual studio, the page launches fine on a browser. A published version of this page runs fine on a remote IIS too. However, am unable to host the published version on my own windows 10 pro machine. I get the following error.

HTTP Error 500.19 - Internal Server Error The requested page cannot be accessed because the related configuration data for the page is invalid.

Detailed Error Information:

Module IIS Web Core

Notification Unknown

Handler Not yet determined

Error Code 0x8007000d

Config Error

The error seems to indicate that something is wrong with my webconfig file. But, I cannot seem to figure out what is wrong as the same webconfig works fine on the remote IIS. Any suggestions on what's wrong ?

<?xml version="1.0" encoding="utf-8"?>
<configuration>
  <location path="." inheritInChildApplications="false">
    <system.webServer>
      <handlers>
        <add name="aspNetCore" path="*" verb="*" modules="AspNetCoreModuleV2" resourceType="Unspecified" />
      </handlers>
      <aspNetCore processPath=".\BasicSite.exe" stdoutLogEnabled="false" stdoutLogFile=".\logs\stdout" hostingModel="inprocess" />
    </system.webServer>
  </location>
</configuration>
<!--ProjectGuid: 2ec0478a-34b9-41f6-ac31-c9ef502f6114-->