A team led by AUSTR for South and Central Asia, Christopher Wilson, will hold the meeting with senior government officials.
NDA in its first term set the ball rolling for 'New India' with strident commitment to fiscal consolidation, said Sitharaman.
Government allocated 4.31 trillion rupees (USD 62.27 billion) for defence, a 6.6 per cent rise over the previous year.
In January-March, annual growth slumped to 5.8 per cent, the slowest pace in 20 quarters.
Govt will revise its fiscal deficit target up to 3.5 per cent of GDP for the current fiscal year and 3.3 per cent for 2020-21.
The nine-member committee includes chief ministers of Uttar Pradesh, Karnataka, Madhya Pradesh, Haryana and Gujarat.
Prime Minister Narendra Modi also congratulated the medical doctors on National Doctors' Day.
The 5 leaders noted that world economic growth appears to be stabilising and is generally projected to pick up moderately.
Development of the global economy is largely driven by one-sided decisions and disputes felt by the entire system.
In the Budget 2019, Modi government will focus on making the economy more powerful.