"There is no question that it has greatly improved the outlook and prospects for our (India-US) ties," he said.
In his address to the annual leadership summit of the US India Business Council (USIBC) yesterday, Jaishankar said the outcome of Modi's visit is directly linked to the domestic agenda of the new government.
"That should, therefore, increase confidence in our commitment to implement them speedily," he said.
The new government has really broadened the framework of interaction and essentially created a plan of action for the near term, the Ambassador said.
Jaishankar said Modi's visit has 10 big takeaways that have a special resonance for business and they include establishing an Investment Initiative with focus on capital market development and infrastructure financing, convening an Infrastructure Collaboration Platform to rally participation of US companies in Indian projects, and offer to US industry to be lead partner in developing three smart cities.
Other takeaways are exploring opportunities in modernising India's railway network; sharing best practices in advanced manufacturing and skills development; undertaking new programmes and partnerships in the field of energy efficiency and renewable energy; and advancing the implementation of the civil nuclear energy cooperation initiative.
Acknowledging that by any standards this is a big agenda, Jaishankar said: "If we can get this done, our relationship is going to look very different."
He said India is committed "to get this moving."
"Even as we meet, preparations are underway. We expect to see high-level official interactions in the coming weeks in finance, commerce and defence," Jaishankar said.
"Planning should begin soon for trade missions in 2015, including one I hope to the Vibrant Gujarat event in January. The India-US Technology Summit is the signature occasion immediately before us, due to take place in November,"he said.
The Ambassador said Modi has really energised India after assuming office.
"What we saw in the five days that he was in this country was how he now impacted on our relationship," he said.
"He also separately met a number of corporate leaders. Business issues featured prominently in talks with the Administration and were reflected in the Joint Statement.
Their centrality to the future of our ties was one of the main messages coming out of the visit," Jaishankar said.