It appeared like a mutual admiration society with President Barack Obama and Prime Minister Manmohan Singh effusively praising each other after their first meeting.

The 48-year-old new American leader described Singh as a "wise" and "wonderful" man as the two leaders met on the sidelines of G-20 in London on Thursday night.

"First of all I should say that your Prime Minister is a wonderful man. He is wise and decent man," said Obama, clearly impressed by the economist-PM's persona.

"He (Singh) has been doing a wonderful job in guiding India even prior to being the Prime Minister along the path of extraordinary economic growth. That is a marvel, I think, for all of the world," the US President remarked, apparently referring to Singh's pioneering role in India's economic liberalisation.

On his part, Singh told Obama: "You are much loved and respected in India." Reciprocating young US President's lavish praise, the 76-year-old Indian leader said Obama had "brought a ray of hope" and the youth look up to him "as an icon".

Singh said under Obama's leadership, challenges like climate change could be met.

The Prime Minister said India and the US share "same dreams and same vision" and the two countries will like to work together to realise those dreams.

He invited Obama to India, saying a warm welcome awaits him there.

Obama acknowledged the role played by Singh in unleashing economic forces, because of which India was enjoying a "high stature" in the world polity.

The first black US President also hailed India's democratic and diverse character.

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