Hussain congratulated the envoy and expressed hope that he will play important role in improving the bilateral ties, according to a statement issued by the President House.
"Pakistan is sincerely working for regional peace, stability and development," the president told Basaria.
Pakistan's economy prospered due to prudent policies of the government, Hussain said, adding that Pakistan is the best country for investment.
Ambassadors of China and Vietnam also presented their credentials today.
Basaria last week arrived in Pakistan through Wagah Border. He is 25th Indian High Commissioner to Pakistan.
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His first major task would be the handling of a meeting between Kulbhushan Jadhav and his family on Monday.
Jadhav, 47, was sentenced to death by a Pakistani military court on charges of espionage and terrorism in April, following which India moved the ICJ in May. The ICJ halted his execution on India's appeal pending the final verdict by it.
Pakistan had agreed to facilitate a meeting of Jadhav with his mother and wife in Islamabad on December 25.