Meeting over a dinner hosted here by Abe in honour of Modi in the elegant setting of the Imperial Guest House, the two leaders underlined the importance India and Japan have for each other.
"The discussions covered economic issues, and the opportunities that both countries had," a PMO statement said.
They talked about the need to seize the opportunities presented by their respective strong political mandates to inject new momentum and energy in their economies.
"They spoke with great optimism about a strong and robust future for India-Japan economic partnership," it said.
Modi observed that the relationship was far below potential and expressed hope that the two sides would strive to achieve in five years the unrealised potential of five decades.
Abe spoke with great enthusiasm and strong conviction about India and the importance of India-Japan relations for his country and the region.
Modi described Japan as one of India's closest and most important partners and spoke about his own admiration and affinity for Japan and his high hopes from the relationship.
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