Modi conveyed this to ADB President Takehiko Nakao when the latter called on him here.
The Prime Minister urged Nakao that the ADB "should take up the Railways sector in India as a priority and complete one transformational project which will create a visible impact," a PMO statement said.
He suggested that the ADB could take up one railway station and make it world class. The Railways can then follow this up with other similar projects, the statement said.
He complimented ADB on achieving a disbursement of USD 1.4 billion in 2014, which is 40 per cent more than the 2013.
It was Nakao's second meeting with Modi since August.
Later in a statement, ADB said Nakao lauded India's brighter growth prospects in the light of the government's bid to improve the business environment and accelerate infrastructure investment.
"Prime Minister Modi and his government is aiming for a good balance between fiscal consolidation by rationalising expenditure and growth-oriented policies by expanding public investments. Better targeting of subsidy payments is essential to achieve higher and more inclusive economic growth," Nakao said.
He highlighted the importance of recent reform measures such as the reduction of fuel subsidies, raising the foreign direct investment (FDI) ceiling in several sectors, and fast-tracking infrastructure projects by expediting clearances
The ADB chief also commended efforts to introduce a goods and services tax (GST) as it would unify internal markets and support economic growth by removing tax distortions.
ADB's latest forecast for India projects an improvement in GDP growth from 5.5 per cent growth expected in current fiscal year to 6.3 per cent in the year ending March, 2016.