Li, who is the first foreign Head of Government to call up Modi since he took over as Prime Minister, congratulated him on his victory in the recent general elections.
During the 25-minute telephonic conversation, Li conveyed to Modi the Chinese government's desire to establish robust partnership with the new government of India for further development of relations between the two nations.
Modi, on his part, noted that China was always a priority in India's foreign policy.
Thanking Li for his earlier message of felicitations, he underlined his government's resolve to utilise the full potential of "our strategic and cooperative partnership with China and his keenness to work closely with the Chinese leadership to deal with any outstanding issues in bilateral relations by proceeding from the strategic perspective of our developmental goals and long-term benefits to our peoples".
Modi also welcomed greater economic engagement between the two countries.
The two leaders agreed to maintain frequent high-level exchanges and communication.
Modi extended through Premier Li an invitation to President Xi Jinping to pay a visit to India later this year.