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Later during the day, Erdogan will participate in delegation-level talks with Modi. The two sides are also expected to sign a series of agreements.
Erdogan, who arrived here on Sunday, is on a two-day state visit to India.
His visit comes after winning the April 16 referendum, which gives him more executive powers as President.
Terrorism will also feature in the Modi-Erdogan talks.
India-Turkey trade stands at $6.4 billion. Ankara wants a Free Trade Agreement and a Comprehensive Economic Partnership Agreement to bridge the deficit with New Delhi.
His last visit to India was in 2008 when he was the Prime Minister.
Mukherjee visited Turkey in 2013. Modi also met Erdogan on the sidelines of the G20 Summit in Antalya in 2015.