Earlier, Karunanayake called on Prime Minister Narendra Modi.
"Prime Minister recalled his productive and memorable visit to Sri Lanka on occasion of the International Vesak Day last month.
"Prime Minister further conveyed condolences on the loss of lives and destruction caused by the recent floods and landslides in Sri Lanka. He reaffirmed India's readiness to continue assisting Sri Lanka in this regard," the External Affairs Ministry said in a statement.
"He conveyed the commitment of the Government of Sri Lanka to continue strengthening the close partnership with India," the MEA said.
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In their meeting, both Swaraj and Karunanayake deliberated upon a number of key issues besides reviewing the overall bilateral ties, officials said.
"IndiaSriLanka relations continue to expand in all areas of coop'n. EAM @SushmaSwaraj meets Foreign Min Ravi Karunanayake of Sri Lanka today," External Affairs Ministry Spokesperson Gopal Baglay tweeted.
Both India and Sri Lanka have been holding a series of meetings in the last few months to resolve the vexed fishermen issue. The issue is known to have figured in the talks.