The meeting was scheduled to begin at around 3 pm local time (0930 GMT), they said. Earlier, a source had said the meeting had been deferred to Friday.

The government is scheduled to borrow 2 trillion rupees ($37.37 billion) during October-March as part of 5.7 trillion rupees to be raised for the whole year ending in March 2013.

Analysts do not expect India to announce any increased borrowing on Thursday, but a Reuters poll shows the country is expected to eventually have to raise an additional 500 billion rupees for fiscal 2012/13.