"You will find environment that is not only open, but also welcoming. We will guide you and walk with you in your projects. You will find a climate that encourages investment and rewards enterprise," Modi said while addressing chief executives at the Indo-US Business summit in New Delhi.
In reference to India's tax structure, which is perceived as a hindrance to foreign investment, Modi promised a tax regime that is "predictable and competitive."
The Prime Minister stressed that business sentiment in India was the strongest among Asian markets, noting that there was growing consumer confidence in the country.
"India will be an important anchor of stability for the global economy, and an engine for its growth. Above all, a prosperous India will be a force of peace and stability in the world," Modi said.
The prime minister further underlined the India-US symbiotic business relationship. While US companies transferred advanced skills and technologies to India, Indian IT companies created skilled jobs in the United States, according to Modi.
Meanwhile, US President Obama, who attended the summit during his 3-day India visit, also encouraged more trade and investment between the two countries. Obama pledged $4 billion to India in loans and investment.