Prime Minister Manmohan Singh will initiate the debate in the Rajya Sabha while Finance Minister Pranab Mukherjee will do it in the Lok Sabha.
Singh and Mukherjee are the Leaders of the two Houses.
Lok Sabha Speaker Meira Kumar, who is the moving spirit behind the idea, would make the opening remarks from the Chair to mark the special day of the largest parliamentary democracy in the world.
Besides prominent members from all sides, independents are also being accomodated in the over five-hour discussion.
A few living members of the first Lok Sabha, including Reishang Keishing and Resham Lal Jangde, will be honoured on the ocassion.
91-year-old Reishang Keishing, now a member of the Rajya Sabha, was member of the first and third Lok Sabhas. Jangde was member of first, second and ninth Lok Sabhas.
Both the Houses of Parliament will meet at 11.00 am and will conclude the discussions at 4.30 pm. (MORE)
