Wolfowitz was accompanied by World Bank's India country director Michael Carter and other senior officials.
India wants World Bank to increase lending in the coming years mainly to finance infrastructure projects. At present, the Bank lends about $3 billion to India annually.
Later in the day, Wolfowitz is also expected to meet Prime Minister Manmohan Singh over lunch, Planning Commission deputy chairman Montek Singh Ahluwalia and President A P J Adbul Kalam.
The World Bank chief, who is on a four-day India visit, arrived on Wednesday and was in Hyderabad on Thursday where he visited some of the Bank funded projects in Andhra Pradesh.