Ahead of the meeting with PM Modi, External Affairs Minister Sushma Swaraj called on the visiting dignitary, who arrived in Delhi on Sunday on a week-long trip, his first state visit to India following his ascension to the throne in 2013.
PM Modi and the Belgian king, who is accompanied by six ministers and a high powered business delegation comprising CEOs of 86 Belgian companies, held talks in Hyderabad House.
India is Belgium's second largest export destination and third largest trade partner outside the EU, according to official data.
In 2016-17, bilateral trade amounted to $13.28 billion. While exports from India to Belgium accounted for $5.65 billion, imports from Belgium accounted for $6.62 billion.
The visit will further strengthen the historically strong ties between the two countries, the ministry had said ahead of the visit.
King Philippe and his wife, Queen Mathilde, were given a ceremonial reception at Rashtrapati Bhavan.