India, US have to resist forces of intolerance: Joe Biden

Secretary of State John Kerry echoed Biden, saying "We have entered a new era marked by a rapidly developing network of commercial ties, a deep well of affection that is growing between our two peoples, and a genuine warmth at the highest level."

Describing climate change as a great challenge, Kerry expressed support for Prime Minister Narendra Modi's plan to help India's economy become more reliant on renewable sources of power.

"It is absolutely critical in the end on pure economic terms, but it's also smart politically, because a recent survey reported that 73 per cent of Indians view climate change as the most pressing global concern," he said.

"I believe that each of our countries- this is really an historic mark and moment, because each of our countries came from the same colonial background. Each of our countries is ethnically and culturally diverse, and each is a labourer for peace, and each seeks a world in which the light of the human spirit overcomes darkness," Kerry said.

"And although differences of ideology have separated us in the past, we are in the end, and I think that's what brings you here, the most natural of partners," he said.

In her address, Commerce Secretary Penny Pritzker called for taking actions to address the impediments to growth faced by the businesses and economies of the two countries.

"Prime Minister Modi has publicly committed to moving India into the top 50 of the World Bank's 'Ease of Doing Business' rankings. Improving contract enforcement and modernising bankruptcy practices are central elements to achieving that ambition," she said.

Today, the World Bank ranks India 186 out of 189 countries on the ease of enforcing contracts.

In fact, it can take years to resolve a contractual dispute with a vendor in India, and terms are too frequently reinterpreted after a deal has closed. These challenges make it incredibly costly and unpredictable to do business in India, and only serve to impede the operations and investments of Indian and foreign firms alike, she said.

"To address these issues, teams from the US and India will work together to share best practices and speed up the enforcement process. American officials will share tools used by our judiciary to manage dockets and promote more efficient decision-making, and we will begin a series of judicial exchanges between our experts in the coming year," she said.

"Whether on contracts, bankruptcy, or the whole host of issues we will address through the Strategic and Commercial Dialogue, our primary objectives are clear to make it easier for foreign and domestic firms to do business in India and the US; to deepen our ties of trade and commerce; and to strengthen our bilateral commercial bonds in ways that benefit workers and businesses in both our countries," she said.