He said Japan, which has been India's partner in progress over the last seven decades, will have a major role to play in building of a "new India".
"It is said that the 'sky is the limit'. It was appropriate in a certain era. But now, the sky is not the limit," Modi said while addressing the Indian diaspora on the first day of his Japan visit, mainly to attend the G20 Summit.
He spoke about the massive mandate received by the BJP in the recent Lok Sabha elections and the plans of his government for the next five years.
"In the next five years, we have the target of making India a 5 trillion dollar economy," the Prime Minister said, adding the government has to work to meet the rising aspirations of the Ind.
"Social sector is our priority. We also have to cater to infrastructure development," he added.
About the digital sector, he said the literacy in this area is growing fast in India and transactions have jumped manifold.
He said India is also planning to explore the space and noted that the second mission to Moon, Chandrayan-II will be launched soon.
By 2022, India will also launch its first manned mission 'Gaganyaan', Modi said.
"We are also exploring the possibility of having our own space station," he said.
Talking about relations with Japan, he said the country has had a special role in India's progress over the last seven decades and this role is going to be strengthened in the "new India".
"There is no place in India where Japan has not left its imprint.
"There was a time when we used to cooperate in making cars. Now we are cooperating in making the bullet train," the Prime Minister said.
( With inputs from IANS )