"The meeting (with PM) is on the current economic situation. We will have a discussion on growth and inflation, and consider the policy option in this regards," Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan said.
Persistently high inflation has forced the Reserve Bank of India (RBI) to increase the key policy rates 12 times since March, 2010.
Headline inflation remained close to the double-digit mark at 9.72% in September as food products, fuel and manufactured goods grew costlier, a development that is likely to prompt RBI to continue with its policy of monetary tightening.
Food inflation stood at 9.32% for the week ended October 1, as prices of major kitchen staples continued to pinch consumers' pockets.
India's economy grew by 7.7% in the first quarter, the slowest growth in 18 months, against 8.8% in the same period in the previous fiscal.
Industrial output also remained subdued for the second consecutive month in August, registering a growth of just 4.1%.
Finance Minister Pranab Mukherjee today in Paris said Indian economy is likely to grow by 8-8.2% this fiscal.