Built by Mazagon Dock Limited (MDL), the new ship is part of the Kolkata-class (Project 15A) guided missile destroyers.
The first ship of the class, INS Kolkata, was commissioned by Prime Minister Narendra Modi last year.
Parrikar is scheduled to commission the ship on September 30. Another ship, INS Chennai, is currently under production.
These are the largest indigenously-built destroyer warships. The government had approved the construction of three Kolkata-class destroyers in May 2000.
Conceptualised by Indian Navy, Kolkata-class is a follow-on model of the Delhi-class and is fitted with modern weapons and sensor systems.
The propulsion system of Delhi-class was also retained with minor upgrades. Most of the systems integrated in the ships are designed and built in India.
The destroyers are equipped with action information system and atmospheric control system.
The modern stealth destroyers will demonstrate superior anti-surface warfare capabilities and anti-submarine capabilities.
The Navy had in February this year successfully test-fired the BrahMos supersonic cruise missile from INS Kolkata during Tropex exercise conducted in the Arabian Sea.
The 290-km range conventional missile hit its target with pinpoint accuracy during this first-ever vertical launch.
INS Kolkata is also scheduled to fire a long-range surface-to-air missile (LR-SAM) later this year. Called Barak 8, the missile is being jointly developed by India and Israel.