df['Datetime'] = pd.to_datetime(df['date'] + ' ' + df['time'])
df = df.set_index('Datetime')
df.index = df.index.strftime('%d/%m/%Y')
print (df)
Col1 Col2
10/02/2017 val1 val1
09/02/2017 val2 val2
08/02/2017 val3 val3
07/02/2017 val4 val4
print (type(df.index[0]))
<class 'str'>