"As we mark one year of India's current government, it is difficult not to see the changes in the way of doing business and not to see in them cause for optimism and satisfaction," Indian Ambassador to the US Arun K Singh said.
"There have also been new parameters in India's engagement with the US... There is more to come in (all the areas) and with each passing year we will make further progress," Singh told a packed audience that included former Australian Prime Minister Kevin Rudd.
In the past year, India's relation with the US has been "completely transformed," Singh noted.
The Indian envoy said that the past year has demonstrated that good economics can also be good politics in India.
"We are at a qualitatively different phase in India's domestic transformation, in India's foreign policy approaches and in India's engagement with the US than we were a year ago," he said.
"As a result, the narrative in our relations has begun to reflect newfound energy and optimism. The excellent personal friendship enjoyed by our two leaders has provided a solid political foundation for our overall relationship," Singh said.
He said Obama was the first to visit India twice during his tenure and first to be the Guest of Honour at the Republic Day celebrations.
In defence, the two nations have made tremendous progress in ironing out differences. The civilian nuclear deal is moving beyond the buyer-seller relationship to a "technology partnership and co-development".
