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Decisions taken during the meeting of Prime Minister Narendra Modi and US President Barack Obama will take the bilateral strategic ties to an "altogether new high", India Inc said.
"This visit of President Obama is historic ... We witnessed today a transformative moment in the ties between India and the US," FICCI said in a statement.
It said that decisions taken by the two sides under the leadership of Modi and Obama would elevate the "strategic partnership to an altogether new high".
The CII said Obama's visit as the Chief Guest at Republic Day signifies an inflection point in the US-India bilateral relationship.
"CII believes that enhanced cooperation is possible in areas such as defence, infrastructure, high technology, education, and energy," it added.
The chamber is "optimistic" that there will be breakthrough on issues such as operationalising the US-India civil nuclear agreement; solidifying the defense relationship through announcement of co-production and co-development projects; and concrete advancement of US private sector participation in developing infrastructure.