Mr Hammond is visiting India to participate in the UK-India Economic and Financial Dialogue.
According to the British High Commission, the ninth UK-India Economic and Financial Dialogue (EFD) is hosted by the Indian Finance Minister.
The high-level talks are aimed at deepening the UK's economic and trading relationship with India and showcasing Britain as one of the best places in the world to do business, it said.
It added that the EFD will involve a series of events over the two-day period, including discussions on trade, financial services, and infrastructure.
Bank of England Governor Mark Carney and CEO of the Financial Conduct Authority, Andrew Bailey, will also take part in the dialogue with Mr Jaitley.
Mr Hammond will also visit Mumbai where he would meet Indian FinTech start-ups at Barclays RISE, as well as the Chairman of Mahindra group.
Secretary of State for Business, Energy and Industrial Strategy, Greg Clark said the India-UK Energy for Growth Dialogue will enable both the sides to explore the immense shared economic opportunities lying ahead.
"I look forward to discussing how the UK Government's Industrial strategy will increase the prospects for shared trade, investment and energy innovation between our two great countries," Mr Clark said.
Parliamentary Under Secretary of State, Department for International Trade, Mark Garnier said that there are huge opportunities for UK businesses as it has the skills, expertise and technology to meet India's demands.
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