External Affairs Ministry Spokesperson Vikas Swarup said Modi and Putin "will discuss on a range of issues including defence, counter-terrorism".
Earlier, Putin arrived at the Dabolim airport to a red carpet welcome after which Modi, on Twitter, greeted the Russian President saying: "India welcomes you, President Putin! Wishing you a fruitful visit."
Top bureaucrats from the Russian defence, energy, trade and industries ministries are accompanying the President.
Modi and Putin via video conference will also participate in foundation-laying ceremony of the third and fourth power units at the Kundakulam nuclear power plant.
The two leaders are expected to hold discussions over lunch and issue a formal statement to the media following the summit.
Talks between India and Russia for setting up units 5 and 6 of the Kudankulam Nuclear Power Project (KNPP) are also expected to culminate into a general framework agreement.
This could be announced after talks between Modi and Putin.
An official of the Russian atomic energy corporation Rosatom, the builders of KNPP, told IANS on Friday that negotiations for units 5 and 6 had been expedited so that an announcement could be made during the BRICS leaders summit in Goa on October 15-16.