New Delhi: In the first meeting of NITI Aayog on Friday, Prime Minister Narendra Modi will interact with eminent economists and experts across sectors along with the existing members of the newly constituted body.

"The meeting will deliberate over the role of NITI Aayog (National Institution for Transforming India) can play in changed economic scenario at its first meeting on February 6," a source said.

The meeting is seen as crucial one as members of the Aayog would have first hand experience of Modi's expectation from the new body and also help them in finalising the plan of action of the new body which was formed on January 1.

The Prime Minister is also expected to bring more clarity on whether the Aayog will be recognised as a government body or merely play the role of an economic think-tank.

The source said that the body is expected to be entrusted the task of evaluation government's flagship programmes and monitoring of big infrastructure projects.

The meeting will also bring more clarity on the role the Aayog will play in evolving model for revenue generation and expenditure realisation.

The number of participants in the meeting chaired by Modi would be over 40 including eminent economists.

"The CEO of the Aayog will make a presentation on the possible role of NITI Aayog in the present scenario after the nearly 65-year old Planning Commission was replaced on January 1," the source said.

According to the schedule of the meeting, Prime Minister will spend a few hours during this meeting. The first Vice-Chairman of the Aayog, Arvind Panagariya, and full time member Bibek Debroy and V K Saraswat had joined last month.

The ex-officio members and special invitees of the Aayog are also expected to attend the first meeting of the body. The ex-officio members are Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Railway Minister Suresh Prabhu and Agriculture Minister Radha Mohan Singh.

The Aayog's special invitees are Road Transport and Highways Minister Nitin Gadkari, Social Justice and Empowerment Minister Thawar Chand Gehlot and Human Resource Development Minister Smriti Irani.

This meet would set the agenda for meeting of the Aayog's governing council comprising all Chief Ministers and Lt. Governors of Union Territories (UTs) on February 8.

Modi, who is the Chairman of Aayog, had held a meeting of all chief ministers on December 7, 2014 for seeking their views on the new body at his residence.