Kicking off a four-nation Asian tour weighted towards prying open new markets for US goods, Obama also said he would relax technology export restrictions imposed after India's nuclear tests back in 1998.
"As we look to India today, the United States sees an opportunity to sell our exports in one of the fastest growing markets in the world," he told an audience of US and Indian businessmen in financial the hub of Mumbai.
"For America this is a jobs' fair.
As we recover from this recession we are determined to rebuild our economy on a stronger foundation for growth," he added.
At the same time, he urged India to play its part by implementing "a steady reduction in trade barriers" in sectors from retail to telecommunications.
"New jobs and growth flow to countries that lower barriers to trade and investment," Obama said.
"Our trade with India is still less than our trade with the Netherlands," Obama said.
"I have no doubt we can do much better -- there is no reason why this nat