In the course of Mr. Biden’s two-day visit to Mumbai he is expected to meet with leading Indian industrialists and business people, and to attend an event at the Indian Institute of Technology, before flying to Singapore on Thursday.

During his speech at the Bombay Stock Exchange, Mr. Biden focused on the need for greater ease in doing business with India and called for further economic reforms, highlighting the frustrations many American businesses have had as they have sought to tap into India’s potentially huge consumer market.

“India is no longer an economic island and will continue to rise as an economic power,” Mr. Biden said as he extolled the economic growth of the country since its economy was opened up in 1991. “However, significant challenges and problems persist. It is time we take this relationship to a new level to achieve our shared vision.”

Mr. Biden said that among the obstacles to a friendly business environment in India are the lack of protection for intellectual property, inconsistent tax rules, high barriers to market entry, and protectionist policies. He called for a trade and investment partnership that would be open and fair to both countries and pushed for an improved bilateral trade agreement.

Addressing the American immigration bill that would limit the number of foreign workers allowed into the United States, Mr. Biden said that the number of visas the United States has granted has recently increased. He added that bilateral trade between India and the United States had grown fivefold over the last 13 years, reaching nearly $100 billion this year, and could increase even further if both countries make the right choices.