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Many legendary cricketers, including Indian greats Sunil Gavaskar and Kapil Dev and Australian Stuart Clarke, attended the MCG reception. Excited young Indian-Australians had begun lining up outside the stadium hours before and said they hoped to catch a glimpse of Mr Modi.
At the MCG, Mr Modi and his host posed with the 2015 cricket World Cup trophy. Australia hosts the cricket World Cup next year.
Over 700 guests are expected to attend the reception, and more than 500 people will dine with the leaders at the stadium, Press Trust of India had reported.
At a meeting today, Mr Modi promised Australian CEOs ease of doing business and an end to red tape in India. "I assure you of my personal attention... I invite you to India. This is the best time to be in India, both for business and life," Mr Modi said.
In Canberra earlier today, Mr Modi addressed the Australian Parliament and said in his 25-minute speech, "Australia will not be at the periphery of our vision, but at the centre of our thought."
The two countries have established a framework for bilateral security cooperation to advance regional peace and to combat terrorism through a comprehensive global strategy.
Mr Modi addressed the Parliament after holding bilateral talks with Mr Abbott. The two countries have signed five agreements on social security, transfer of sentenced prisoners, combating narcotics trade, arts and culture, and tourism.
Before Canberra, Mr Modi spent six hours in Sydney crowned by a blockbuster reception, where he made an emotive address before a 20,000-strong crowd that continuously chanted "Modi, Modi" at the Allphones Arena of the Olympic Park.
His first stop in Australia was Brisbane, where he attended the annual summit of the G20 or group of 20 top developed and emerging economies. The PM made a strong pitch for repatriation of black money stashed in tax havens and called for "close coordination" among nations to address the issue.
Later today, the PM will leave Australia for Fiji where he will meet more regional leaders and will then head home, concluding his 10-day three-nation tour.
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