Mumbai: US President Barack Obama said on Sunday that the partnership between the United States and India has "limitless potential" to improve the lives of both Americans and Indians.
Addressing college students in Mumbai on Sunday, the second-day of his visit to India, Obama said the United States and India share common values and interests.
In pictures: Barack Obama's visit to India
Obama also says the relationship also has the potential to be an anchor of security, prosperity and progress for Asia and the rest of the world.
Obama is on a 10-day tour of Asia. He also plans stops in Indonesia, South Korea and Japan.
Softer side to visit
Earlier on Sunday, Obama showed a softer side of his agenda in India, chatting with high school students and reveling in the celebration of a major religious festival.
The president and his wife, Michelle, are making a point to incorporate India's culture into their three-day visit to India.
They spent their Sunday morning at Holy Name High School, where students in their school uniforms gave the Obamas a detailed explanation of one of their projects - a miniature village with a windmill running power to it.
The Obamas were also set to watch a performance in honour of Diwali, an important festival for Hindus and Sikhs.
Obama has called it an honor to be the first president to celebrate the festival of lights at the White House last year.
Warm welcome for Obama
On Saturday, Obama took on a more serious role, pledging to ease export controls, which resonated well with India's business leaders.
The changes would relax controls on India's purchase of "dual use" technologies that can be used for civilian or military purposes and remove India's main defense and space organisations from a blacklist of entities that face restrictions on doing business in the United States.
Bilateral trade is on track to reach $50 billion this year, but remains stymied by restrictions on foreign participation in key sectors like retail, finance and insurance and by concerns in India about mounting protectionist rhetoric in the US
The US is India's second-largest import partner, accounting for 6 percent - or $16.4 billion - of India's fast-growing import market, a number Obama would like to see grow.
The White House said trade deals worth $14.9 billion were announced on the trip, supporting an estimated 53,670 US jobs.
Anand Mahindra, managing director of Indian auto major Mahindra & Mahindra, said the export control reforms were the "showpiece announcement" for the Indian audience on Saturday.
"He and his speechwriters did a good job evoking the entrepreneurial values the two countries share. I think that resonated brilliantly with this audience."
Amit Mitra, secretary general of business group FICCI, said FICCI has been working for four years to get export controls liberalised.
"This is a big announcement for us because this is the long-term synergy we are looking for," he said, adding that it will open up business for biotechnology vaccines, computer hardware and software and the defense industry.
He also said he appreciated the president's pledge not to target Indian companies unfairly. Indian outsourcing companies have been protesting a $2,000 hike in visa fees that affects them, but not their US-based competitors that have over half their staff in the United States.
