Modi said this during a joint press interaction with Obama here at the end of summit level talks between the two sides.
The PM said that US defence firms are welcome to participate in India and that both India and US have agreed to deepen their security and defence cooperation.
Addressing a joint press conference with Obama, he said that both sides discussed security and defence issues during their summit-level talks and agreed to deepen ties in this field.
"US defence companies are welcome to participate in India," Modi said.
Modi also said that he has urged Obama to take steps that would help Indian service companies get access to the US economy.
"I told Obama to open means of access for Indian companies in US markets," he said at a joint press interaction after their summit-level talks here.
Both sides had had an "open discussion on the WTO issue", he said.
Modi said he had conveyed that while India supported trade facilitation, a solution needed to be found that would take care of India's food security issues.