King Jigme Khesar Namgyel Wangchuck is the third monarch from Bhutan to be the chief guest in India's Republic Day parade, after his father and grandfather.
The king's father, Jigme Singye Wangchuck, was chief guest twice - in 1984 and 2005 and grandfather Jigme Dorji Wangchuck was chief guest in 1954.
The Oxford-educated Namgyel Wangchuck, 32, the chief guest this year, married commoner and India-educated Jetsun Pema in October 2011.
The Bhutan king will also be the chief guest at a Confederation of Indian Industry Partnership Summit-2013 in Agra Jan 27-29.
Speaking at a banquet hosted by President Pranab Mukherjee Friday, Namgyel Wangchuck said India and Bhutan look ahead to a long journey "whose road will be paved with geo-political and historical foundations".
"Indo-Bhutan friendship is indispensable for the future success of Bhutan," he said in his speech.