On the power side of the equation, he added, India wants to import coal and burn it cleanly, and "the best source of clean coal is the United States." American engineers, Monser said, will be needed to support those projects.
"I think (liquefied natural gas) will be a major import for India and a potential big customer for the U.S.," said Peter Boockvar, managing director at The Lindsey Group.
But trade is not the most pressing issue for U.S.-India relations.
"India needs to facilitate inward investment and make its market more friendly for imports and investment in order for U.S. companies to be incentivized," said Shailesh Kumar, a senior analyst at think tank Eurasia.
Meanwhile, the India stock market continues to exhibit upbeat investor confidence with the Bombay Sensex up 22 percent this year, outpacing the gains in China's Shanghai composite which is up 6 percent in 2017.
Falling inflation, higher growth and a pro-business government that is slowly enacting measures to improve business — including a massive tax overhaul — appear to make a recipe for success. That has mostly been India's market story so far this year, but Modi's demonetization act continues to be criticized as it's seen as another hurdle for India's poor, who rely on cash.
Hedge funds have been slowly gaining exposure to India as well, and, according to eVestment, India-focused funds so far this year have returned around 19 percent.
Last week, India's central bank cut its interest rate, which fueled the Indian rupee to a two-year high. The rupee is currently the best performing currency in Asia — up 6 percent this year.