Here's the text of what PM Modi said:
Mr President and members of the media,
It is a great pleasure and privilege to welcome back President Obama and the First Lady in India.
Mr President, we are honoured that you accepted our invitation to be the Chief Guest for our Republic Day, despite a busy January.
It is special because on this day we celebrate the values shared by the world's two largest democracies.
You are also the first United States President to visit India twice in Office.
It reflects the transformation in our relationship. It shows your deep personal commitment to this partnership.
It tells us that our two nations are prepared to step forward firmly to accept the responsibility of this global partnership -- for our two countries and for shaping the character of this century.
The promise and potential of this relationship has never been in doubt. This is a natural global partnership. It has become even more relevant in the digital age. It is needed even more in our world of far-reaching changes and widespread turmoil.
The success of this partnership is important for our progress and for advancing peace, stability and prosperity around the world.
From the turn of this century, we have begun transforming our relationship. But, we have to convert a good start into lasting progress. This requires translating our vision into sustained action and concrete achievements.
Mr President, in the last few months, I see new excitement and confidence in this relationship. I see renewed energy in our engagement. I thank you for your leadership and for setting the tone last September.
The civil nuclear agreement was the centrepiece of our transformed relationship, which demonstrated new trust. It also created new economic opportunities and expanded our option for clean energy.
In the course of the past four months, we have worked with a sense of purpose to move it forward.
I am pleased that six years after we signed our bilateral agreement, we are moving towards commercial cooperation, consistent with our law, our international legal obligations, and technical and commercial viability.
President Obama has also assured me of strong US efforts in support of India's full membership of the four international export control regimes at the earliest.
Today, we have also decided to take our growing defence cooperation to a new level. We have agreed, in principle, to pursue co-development and co-production of specific advanced defence projects. These will help upgrade our domestic defence industry; and expand the manufacturing sector in India.We will also explore cooperation in other areas of advanced defence technologies.
We have renewed our Defence Framework Agreement. We will deepen our cooperation on maritime security.
Terrorism remains a principal global threat. It is taking on a new character, even as existing challenges persist. We agreed that we need a comprehensive global strategy and approach to combat with it.
There should be no distinction between terrorist groups. Every country must fulfil its commitments to eliminate terrorist safe havens and bring terrorists to justice.
Our two countries will deepen our bilateral security cooperation against terrorist groups. And, we will further enhance our counter-terrorism capabilities, including in the area of technology.
President Obama and I agree that a strong and growing economic relationship is vital for the success of our strategic partnership. Economic growth in our two countries is becoming stronger. Our business climate is improving. This gives me great optimism about our economic ties.
In addition, we have established a number of effective bilateral mechanisms to identify opportunities and also help our businesses trade and invest more.We will also resume our dialogue on Bilateral Investment Treaty.
We will also restart discussions on a Social Security Agreement that is so important for the hundreds of thousands of Indian professionals working in the United States.
For President Obama and me, clean and renewable energy is a personal and national priority. We discussed our ambitious national efforts and goals to increase the use of clean and renewable energy.
We also agreed to further enhance our excellent and innovative partnership in this area. I asked him to lead international efforts in making renewable energy more accessible and affordable to the world. President and I expressed hope for a successful Paris Conference on climate change this year.
We will continue to deepen our collaboration in science, technology, innovation, agriculture, health, education and skills. These are central to the future of our two countries; and also give us an opportunity to help others around the world.
Indeed, our strategic partnership will only be complete if we assume our responsibility to work together to promote development and connectivity in our vast region. President Obama and I agreed to pursue this goal with a sense of priority.
President and I had an excellent discussion on global and regional issues. In particular, we renewed our commitment to deepen our cooperation to advance peace, stability, prosperity in Asia, Pacific and Indian Ocean Region, which is critical for the future of our two countries and the destiny of this world.
Our relationship stands at a new level today. We have outlined a broad vision for our friendship and cooperation that reflects the opportunities and challenges of this century. As Lord Buddha said, noble friends and companions are the whole of the holy life.
We have decided to give this critical partnership a new thrust and sustained attention. For this, we have agreed that India and the United States must have regular summits at greater frequency. And, we will also establish hotlines between us and our National Security Advisors.
At the beginning of this year, we start a new journey.
Let me welcome you once again, Mr President. It is a great pleasure to have you with us.
Thank you