He said India's GDP has clocked an impressive 7.4 per cent growth and the World Bank and International Monetary Fund (IMF) and other international agencies have projected this growth momentum to continue.
Addressing CEOs Forum along with Russian President Vladimir Putin, Prime Minister Modi said his government is committed to a fair taxation regime and the efforts towards improving the ease of doing business would go on.
He said various indices of the economy, including Current Account Deficit (CAD) and flow of foreign investment, have been impressive and the aim of his government was to make India a global manufacturing hub.
"We are working towards ensuring best possible infrastructure in India... because of efforts of our government the economy has witnessed sustained growth," he said, adding "we are committed to ensure a stable and transparent taxation regime."
Prime Minister Modi said Russia can take advantage of 'Make in India' initiative which would help the economies of both the countries.
Russia could play a key role in India's diamond trade sector, he added.
Speaking on the occasion, Russian President Putin said that Indian companies could have better involvement in Russia's oil and gas sector.
The efforts, he added, should be to remove hurdles to ensure better flow of investments from Indian companies in Russia.
Prime Minister Modi said his government's endeavour would be to ensure "liberal conditions" for Indian investors.
Appreciating the interest shown by Russian businessmen in Delhi-Mumbai industrial corridor, Prime Minister Modi said they should also look at Chennai-Bangaluru and Amritsar-Kolkata corridors.
The good news, he added, was that the trade and business relations have become vibrant and a number of Russian and Indian companies are working together.
Russia has and will always be a vital and long-term partner, not only in energy and mineral resources, but also in cutting edge technologies, Prime Minister Modi said, adding that the nature has destined us to work together.
From hydrocarbons, the cooperation is now moving to the hardest form of carbon - diamonds, the Prime Minister said.
"A commitment to commerce. President & PM agree to institutionalise CEOs Forum with 2 meetings annually: one in India & one in Russia," tweeted External Affairs Ministry spokesperson Vikas Swarup.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.