During the farewell telephone call, Singh noted that the relationship had seen "transformation" over the last 10 years and expressed confidence that the Narendra Modi government would "do everything" to promote it further.
"It has been a great pleasure to serve with you, there are very few people in public life that I have admired or appreciated more," Obama told Singh.
The prime minister thanked the president for his kind words and for the support and friendship he received while working with him.
"Your leadership has been an important factor in evolving a more cooperative framework in addressing global challenges," Singh told him.
The president said to the prime minister: "Your tenure has been good for India and India-US relations. I will miss working with you on day-to-day basis."
Responding, Singh said, "The last ten years have seen a significant transformation in Indo-US relations. We have made significant progress over the last five years across the full spectrum of our relationship. This would not have been possible without your commitment, vision and leadership."
The president replied that the "affection and appreciation is mutual."
Singh said the "India-US relations are also indispensable for advancing peace, stability and prosperity. I am therefore very optimistic and confident about this relationship, which I am sure the next Indian Government will do everything to promote further."
The prime minister also conveyed his best wishes to the First Lady Michelle Obama and the President's two daughters and hoped that the family will have an opportunity to visit India again.
"I hope you get some rest and I hope to see you soon," the president replied.
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