In a letter to Modi, Lee congratulated him for his win in the recently-concluded Lok Sabha elections.
"On behalf of the Government and people of Singapore, I congratulate you on your election as India's Prime Minister. The BJP's decisive victory reflects the strong support and great hopes that Indian voters have in your leadership and vision," he wrote.
Noting that the two countries cooperate closely to promote regional peace and prosperity through multinational forums, Lee highlighted that next year the two nations will celebrate 50 years of diplomatic relations.
"I wish you every success in your new appointment," he said.
Observing that opportunities for India are "immense", Lee said, "I am confident that you will bring your valuable experience as Chief Minister of Gujarat to bear as you lead India to fulfill its promise."
Stressing on excellent bilateral ties, he said "Our friendship is underpinned by regular high-level exchanges and wide-ranging cooperation in many fields, including trade and investment, defence and cultural exchanges."
"Popular expectations are overdone as there are limits to what Mr Modi can do to speedily restore growth, check high inflation, multiply jobs for restless youngsters and fix shoddy infrastructure," it said.
"A rapid re-vitalisation for India is beyond anyone as substantive changes on the ground will take time -- even with the return of badly needed investment, it will require a gestation period of three to four years to yield sufficient productive capacity," the editorial said citing a former Governor of Reserve Bank of India.