Speaking before a packed 50,000 strong Indian American crowd at the NRG stadium at the Howdy Modi event, President Trump said: "US defence sales to India have reached $18 billion in the past decade.
"We are looking forward to concluding several new defence deals very soon. There are lot of them in the works."
His remark comes amid reports of India being in the process of acquiring the National Advanced Surface to Air Missile System-II (NASAMS-II) from the US to secure its airspace against aerial threats ranging from drones to ballistic missiles.
The US is also in talks to offer an alternative to the Russian S-400 Triumf missile defence system to India.
He also said both sides are working together in space cooperation.
"We are creating the US Space Force and working closely with India to join hands in space cooperation. In November the US and India will demonstrate progress of our defence relationship, holding the first ever tri-service military exercise called Tiger Triumph. It's a good name, very good name," said Trump.
On trade relations, he said both sides are working to make their nations "even more prosperous than ever before".
"The economic miracles are taking place.. Indian companies are supplying tens of thousands of jobs across a range of industries. In 2018 JSW Steel announced it would invest $500 million to revitalize a shuttered steel plant."
"We welcome India's role in investment in our lone star state," he said, referring to Texas.
Referring to Indian investment in the US, he said: "India has never invested in the US like it is doing today. And I want to say it's reciprocal, because we are doing the same thing in India."
Trump said the US is working to expand American exports to India, one of the fastest growing markets.
"We are committed to ensuring that Indian people have access to the finest goods in the world, products stamped with Made in USA."
On oil and gas exports to India, he said that crude exports have grown by 400 percent and LNG continues to "soar at record numbers".
( With inputs from IANS )