Signalling an end to the deadlock in Parliament, leaders of all opposition parties met the finance minister, Mr Pranab Mukherjee, on Monday morning and agreed to hold a debate and allow both houses to function peacefully.
The all-party breakfast meeting agreed to the debate on the issue and to allow Parliament to function peacefully from Monday.
"The discussion over the price rise issue will take place Tuesday," Communist Party of India-Marxist (CPI-M) Mr Sitaram Yechury, told reporters.
Asked under which rule the debate would be held, Yechury said: "Under no rule. It is Mr Pranab Mukherjee's rule."
Troubleshooter Mr Mukherjee called the opposition leaders to draw up a formula for ending the stalemate over their demand for a discussion under a rule that entails voting.
The government had rejected the opposition demand, leading to an impasse that led to virtually no business being transacted through last week.
The breakfast meeting also decided to to draft a resolution to be adopted by parliament. The resolution will urge the government to take "effective steps" to contain prices, sources said.