Earlier in the day, Macron talked about his personal rapport with Modi which was established after their meeting in Paris past year.
The 40-year-old president, who is travelling with a delegation of French companies that includes EDF (EDF.PA), Dassault Aviation (AVMD.PA), Schneider Electric (SCHN.PA) and Suez (SEVI.PA), will also inaugurate a solar plant built by Engie (ENGIE.PA) in Uttar Pradesh.
The last visit of President Macron to India was in January 2016, when he was the chief guest at the Republic Day celebrations.
"In the future, Indian Ocean will play a crucial role in peace and stability, whether it is about environment or freedom of navigation", said the Indian Prime Minister.
"Most of the issues we have today, on climate, on terrorism are because of the short-term vision of most of the leaders". He also said the Indian Ocean Region (IOR) was important for the peace and prosperity of the world. The Indo-French agreement on reciprocal logistics support for armed forces came almost two years after India signed a similar pact with the USA on use of each other's land, air and naval bases.
In the morning, the France President has accorded Ceremonial Reception at Rashtrapati Bhawan.
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The visit aims at strengthening the bilateral economic, political and strategic dimension of engagement between the two countries.
For perhaps the first time in India's rich space-faring history, human space flight finds mention in any bilateral joint statement.
It said both sides acknowledged that the Make-in-India initiative offers a valuable opportunity for Indian and French defence enterprises to enter into co-development and co-production projects in the defence sector, including through transfer of technologies. He later visited Rajghat.
External Affairs Ministry spokesperson Raveesh Kumar tweeted that Sushma Swaraj and Macron "exchanged views on further enhancing our strategic partnership in trade and investment, defence and security, culture, education and people-to-people ties".
Departing from protocol, PM Modi received Macron at the airport on Friday night in a special gesture. The two leaders will now co-chair the founding conference of the International Solar Alliance (ISA) on Sunday.
The President was happy to note that close to 1000 French companies have invested in India.