Top Senator Proposes First 100 Days Action Plan for India-U.S.

"A review of policies for high-skill employees would help ensure companies in both countries have access to talent to help U.S. companies and the American economy grow and innovate and encourage more joint research and cooperation between universities," he said.

An agreement to increase travel and tourism between the two countries would increase more people to people interaction, he argued.

For the Modi government, he said lifting FDI caps in some of the sectors that have been under discussion for years would be a positive signal to foreign firms that India was again "open for business." Specifically, defense, insurance, railways, e-commerce and banking sectors are ripe for reform, he said.

Warner said India and the United States share a unique bilateral relationship.

"As the world's oldest and largest democracies there are many areas in which our strategic interests combine, and when we find ways to cooperate and work together both of our countries benefit," he said.

"The historic and sweeping election that has made Narendra Modi Prime Minister of India is a testament to a thriving democracy and a signal that the people of India are ready for economic growth and productivity," he added.