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Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar will brief floor leaders of all political parties in both the Houses of Parliament at the meeting.
On Sunday, at a meeting of all parties ahead of the Monsoon Session of Parliament, DMK and AIADMK demanded that India should intervene in the crisis surrounding the neighbouring country, which is facing its worst economic emergency in seven decades.
The government has called the meeting to address the concerns of several political parties, especially in Tamil Nadu as they are worried about the condition of the country's Tamil population and the influx of refugees in the state, government sources have said.
Sources said that Foreign Secretary Vinay Mohan Kwatra is likely to make a presentation before the members on the situation in the island nation and the assistance provided by India so far.
Apart from sending aid via various channels, India has so far maintained a hands-off role in the crisis. India has assured Sri Lanka that it will continue to support democracy, stability and economic recovery in the country.
Last week, the Ministry of External Affairs in a statement said that Sri Lanka occupies a central place in its Neighbourhood First policy. "India stands with the people of Sri Lanka as they seek to realise their aspirations for prosperity and progress through democratic means and values, established institutions and constitutional framework," it said.
The Sri Lankan Parliament is set to elect the new president tomorrow. Acting President Ranil Wickremesinghe will face former education minister Dullas Alahapperuma and leftist leader Anura Dissanayake in the election. Earlier today, opposition leader Sajith Premadasa withdrew from the presidential race, in order to support Mr Alahapperuma.
Sources say massive protests have been planned ahead of the presidential election. A state of emergency has been imposed in the country as a precautionary measure to ensure the safety of parliamentarians who would be voting tomorrow to elect the next president of the country.
After Gotabaya Rajapaksa stepped down as the president following massive protests last week, Prime Minister Ranil Wickremesinghe was installed as acting president of the crisis-hit country.
Sri Lanka's protest movement reached its 100th day on Sunday. The protesters blame the Rajapaksa family for the country's financial turmoil, which has forced its 22 million people to endure shortages of food, fuel and medicines since late last year.
Sri Lanka defaulted on its $51-billion foreign debt in April and is in talks with the IMF for a possible bailout. The island has nearly exhausted its already scarce supplies of petrol. The government has ordered the closure of non-essential offices and schools to reduce commuting and save fuel.
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