The meeting will take place against the backdrop of Modi's 10-point agenda which includes increasing investment, completing infrastructure projects in a time-bound manner and exploiting of natural resources, besides giving freedom to bureaucrats to take decisions and implement them.
He is expected to highlight his thrust areas and seek suggestions from his 44 ministerial colleagues at the meeting, sources said.
The deliberations are expected to be reflected in President Pranab Mukherjee's address to the joint sitting of Parliament next week.
The Prime Minister had yesterday scrapped the Empowered Group of Ministers (EGoMs) and Group of Ministers (GoMs), a legacy of the UPA government, to entrust ministries with the responsibility of decision-making and speedy implementation.
Earlier, he had told his ministers to set a timetable for the first 100 days listing the priorities with focus on efficient governance and delivery and implementation of schemes and programmes.
Modi has told his Cabinet colleagues to take their Ministers of State along in implementation of programmes and that he would be regularly meeting them as also the Secretaries individually.