Mr Lofven and Mr Modi interacted with the top Swedish Business leaders on the occasion.
Both the countries will also co-host on Tuesday the first-ever India-Nordic Summit, where apart from Modi and Lofven, the Prime Ministers of the other four Nordic countries of Denmark, Finland, Iceland and Norway are also expected to be present.
PM Modi further announced that both India and Sweden have agreed to strengthen their defence and security cooperation.
"Defence and security is an important pillar of our bilateral relationship", Modi said in his address to the media. "Swedish PM led a big delegation to the Mumbai summit in 2016., says Modi in Stockholm". "PM highlighted the various investment opportunities in India".
In the defence sector, Sweden has been India's partner from a long time.
Infusing new energy into their bilateral relations, Mr. Modi and Mr. Lofven held fruitful discussion on issues related to cooperation in innovation, trade and investment and culture.
Rain & storms, windy for Sunday
While the chance of hail, lightning and tornado's are slight, the chance for damaging winds are elevated. Early low cloud and fog patches will clear fairly quickly this morning to leave plenty of sunny spells.
In the strongly-worded video message to Indian Prime Minister Narendra Modi, the girl is saying that she is an American but she is truly a "Tamil Indian by heart".
The Joint Action plan is aimed at enhancing bilateral cooperation in various fields including energy, clean technology and Trade.
Prime Minister Modi thanked Prime Minister Löfven for Sweden's support to India's candidature for non-permanent membership of United Nations Security Council (2021-22) and for Sweden's support to India's permanent membership of a reformed and expanded United Nations Security Council. The Prime Minister's meetings with several leaders may also prove beneficial for India. He listed a number of sustainable "modern solutions" his country had to offer, including smart cities, green tech and innovation.
PM Modi had a Royal start to the day as he called on His Majesty the King Carl XVI Gustaf of Sweden.
A Joint Declaration on Sweden-India Innovation Partnership for a Sustainable Future said, "the innovation partnership represents a step-change in India-Sweden science and innovation collaboration, underpinning our mutual commitment to drive prosperity and address global challenges such as climate change and sustainable development through innovation".
This is the first prime ministerial visit from India to Sweden in 30 years after the visit of then Prime Minister Rajiv Gandhi in 1988. "Presently, there is a government in India which for the country's prestige, self-respect and taking it to new heights in the 21st century, is working day and night", Modi said amidst chants of "Modi Modi".