Addressing the media jointly with Modi after over hour-long talks at the White House, Obama said it was natural for India and the US, two biggest democracies, to "deepen and broaden" partnership.
Modi said the two leaders discussed a wide range of issues, particularly ways to take the bilateral economic ties to new heights.
The other issues discussed by them included terrorism, clean energy, climate change, regional security and cyber security.
During his remarks to the media, Obama said they discussed progress made in the Civil Nuclear agreement.
"I indicated support to India being a part of NSG," the US President said amidst opposition by China to such a move.
Obama underlined that India needs technology which is critical for its progress and prosperity.
Modi later said, "I am thankful for the help and support that my friend President Obama has extended with regard to membership in MTCR and NSG."