As the Chief Guest, Navy Chief Admiral R Hari Kumar will attend the induction ceremony.
In response to worries over China's expanding incursions into the area, which is thought of as the Indian Navy's backyard, India has been seeking to strengthen its maritime capabilities with a concentration on the Indian Ocean.
The Project-75 calls for the domestic fabrication of six Scorpene-designed submarines.
As part of a partnership with the Naval Group of France, the submarines are being built at Mazagon Dock Shipbuilders Limited (MDL) in Mumbai.
The Indian Navy has already received the commissioning of four Kalvari class submarines.
On 1 November, 1973, the former Vagir was put into service and carried out many operational tasks, such as patrols intended to deter. After serving the nation for approximately three decades, the submarine was retired in January 2001.
An official explained that the, "Submarine named Vagir, launched on November 12, 2020, in its new avatar has the distinction of having the lowest build time among all indigenously manufactured submarines till date."
The submarine began sea testing in February of last year with her first sea sortie and has since undergone a number of thorough acceptance inspections as well as rigorous and taxing sea trials.
On December 20, the MDL handed over the submarine to the Indian Navy. Vagir is capable of carrying out a variety of missions, including anti-surface warfare, anti-submarine warfare, information gathering, mine laying, and surveillance missions, the official said.
Vagir will improve the Indian Navy's potential to further India's maritime interests," the official added.
(With inputs from PTI)