Speaking at the 40th Annual Gala of the US India Business Council (USIBC), he said American can be India's "best friend" and that the challenges of the current world bring the two countries closer than ever before.
"Both our nations have to resist the forces of intolerance and remain vigilant in our efforts to make our democracies stronger and more inclusive. It's not just the morally right thing to do, it's the economic necessary thing to do," the Vice-President said.
"We are in a new era of India-US relationship," he said.
"We're both major players on the world stage. And it's up to us - India and the US - to lead not by the example of our power, but by the power of our example. As I said, it's not just the morally right thing to do, it's in the long-term economic interests of India and quite frankly the whole world. And it works," Biden said.
Addressing top corporate leaders from the two countries, Biden said that ultimately commercial success depends on the development of human capital.
It's India's greatest resource, he said, adding that the US has benefitted from that Indian greatest resource here.
"We've experienced it first-hand - 3 million Indian- Americans whose talent have shaped the fabric of this country in our schools, our hospitals, our research labs, in our courtrooms, in our government, in the arts and entertainment, and from Silicon Valley to Main Street," he said.
Referring to Prime Minister Narendra Modi's visit to the Silicon Valley next week, Biden said that the visiting leader will see during his visit that "entrepreneurship is hard-wired in the DNA of both Americans and Indians."
Observing that there is so much potential in trade and investment between the two countries, there is no reason that it cannot increase five times.
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