After getting an official reception at the Indian presidential palace, Rashtrapati Bhavan, Prime Minister Gentiloni said that both the nations have strong economic relations, common interest and are struggling against terrorism.
The visiting VIP will also meet to Indian President Ram Nath Kovind and Vice President M Venkaiah Naidu.
Emphasising that India and Italy are two major economies of the world, Prime Minister Modi said, "we would like to encourage more strong participation by the Italian companies in our Flagship Programs and Projects". The two prime ministers will also discuss ways to boost bilateral trade and investment. External Affairs Minister Sushma Swaraj also called on him.
Gentiloni is accompanied by his wife and a 15-member Italian CEOs delegation.
India-Italy ties ran aground after the two marines, Latorre Massimiliano and Salvatore Girone, were arrested on charges of killing Indian fishermen, mistaking them to be pirates.
Over 600 Italian companies are active in India covering various sectors such as fashion, garments, textile and textile machinery, automotive, automotive components industry, infrastructure, energy and insurance.
Italy is India's fifth largest trading partner in the European Union with a bilateral trade of United States dollars 8.79 billion in 2016-17, as per official figures.
Italy is the 13th largest investor in India with cumulative investments worth $ 2.41 billion over the period from April 2000 to June 2017. Latorre was allowed by India's Supreme Court to return to Italy in September 2014 on health grounds, while Girone was allowed to go in May 2016.
After the incident, the marines were arrested by Indian officials and Italy on the other side claimed that the ship was in global waters and the case should be handled by the worldwide Tribunal at The Hague.