Indian PM Narendra Modi on Thursday said Washington and New Delhi have set a target of doubling their bilateral trade to $500 billion by 2030.

After meeting Donald Trump in the White House for the first time since the President's inauguration on January 20, Modi said: "Today, we have set a target of more than doubling bilateral trade to 500 billion dollars by 2030. Our teams will work on an early conclusion of a mutually beneficial Trade Agreement."

He said: "We will strengthen the oil and gas trade to ensure India's energy security. Investment in energy infrastructure will also increase."

Modi said: "In the nuclear energy sector, we also talked about increasing cooperation in the direction of Small Modular Reactors."

Modi said the US has an important role to play in India's defence preparedness.

"In the coming time, new technology and equipment will increase our capability. We have decided to launch the Autonomous Systems Industry Alliance," the Indian PM said.

The Defence Cooperation Framework will be created for the next decade. Defence inter-operability, logistics, repair and maintenance will also be its main parts.

Modi, who had visited Washington DC for the first time since Trump's inauguration, said India and the United States would work together in artificial intelligence, semiconductors, quantum, biotechnology, and other technologies.

He said: "Today we have agreed on TRUST, i.e. Transforming Relationship Utilizing Strategic Technology. Under this, emphasis will be laid on creating strong supply chains of critical minerals, advanced materials and pharmaceuticals. It has also been decided to launch a recovery and processing initiative for strategic minerals like lithium and rare earth."

Modi described his meeting with Trump as 'excellent'.