Prime Minister Manmohan Singh will go to the US later this year while US President Barack Obama will visit India next year.
The invitations were exchanged and accepted by the two leaders at a brief "pull-aside" meeting during the G8-G5 summit meeting in this quake-hit Italian town on Thursday, Indian Foreign Secretary Shivshankar Menon said here.
No dates have been finalised for both visits.
No bilateral meeting between Obama and Manmohan Singh took place during the three-day (July 8-10) summit here.
"The leaders discussed how bilateral talks could be taken to an enhanced level of cooperation," Menon said.
US Secretary of State Hillary Clinton is scheduled to visit India later this month. This will be her first visit to India after becoming secretary of state.