The two leaders, in their first phone call, also discussed their upcoming visits. US President Donald Trump is expected to visit India for the Quad Leaders' Smmit later this year. Meanwhile, Prime Minister Modi may visit US in the coming months.

By Ira Dugal This was originally published in the India File newsletter, which is issued every Tuesday. Sign up here to get latest news from India and how it matters to the world. Investors in India are on edge ahead of the annual federal budget scheduled for release on Saturday.