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Prabhu also said that the educational institutes have to keep in mind the emerging challenges being faced by industries and introduce modern technologies like artificial intelligence and big data.
Although Russia is a primary source of defence equipment supply to India, Prabhu said ample opportunities have further opened up for both countries with the opening of FDI in defence production.
India had announced hiking customs duty on 29 products, including pulses and iron and steel items, imported from the US as a retaliatory action against the tariff hike by Washington.
Suresh Prabhu added that India is bestowed with the potential to produce all varieties of organic commodities due to the country's varied agro-climatic regions.
The meeting also comes at a time when the government is working on a revival package for the national carrier, which is grappling with financial woes.
Most industry associations want government to pursue defensive approach in FTA negotiations: Suresh Prabhu
In an FTA, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them.
According to the minister, the farm sector has sustained losses to the tune of Rs 19,000 crore in the floods.
Representatives from the department of economic affairs, coal ministry, steel ministry, oil ministry and department of pharmaceuticals are expected to attend the meeting.
The move weeks after the aviation regulator DGCA conducted a comprehensive financial audit of Air India and Jet Airways along with special safety audit of other scheduled commuter airlines.
The development also comes on a day when several passengers on a Jet Airways flight from Mumbai to Jaipur suffered nose and ear bleeding.
The meeting assumes as countries including the US has significantly raised customs duties on products including steel and aluminium.
Suresh Prabhu is in Vladivostok, Russia, to attend the Far Eastern Economic Forum being held from September 11-13, 2018.
Schneider Electric, a global leader in Energy Management and Automation advanced Technologies, has entered into an agreement to acquire Larsen & Toubro Electrical and Industry Automation division.
India to construct 100 airports worth USD 60 billion in next 10 to 15 years, says Civil Aviation Minister Suresh Prabhu
The country's aviation sector is one of the fastest-growing in the world and has recorded 50 months of double-digit traffic growth.
Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact that aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.