Mr Parrikar was sworn in by Governor K Sankarnarayanan in a huge public affair ceremony arranged by the party.
A full 12-member Cabinet was sworn in by the Governor. Mr Parrikar has been the chief minister twice from October 2000 to February 2005.
Mr Parrikar said yesterday that all the BJP ministers from his 2005 Cabinet would find place in the new dispensation, and that the Budget would be presented around March 24.
"There are five ministers who were in my old Cabinet. They will be sworn-in again," Mr Parrikar said.
Party sources said that along with Mr Parrikar, five ministers from BJP and two from ally Maharashtrawadi Gomantak Party (MGP) would also take oath today.
Mr Parrikar later told PTI that soon after the swearing-in, there will be a Cabinet meeting which will list out the priorities.
"I will hand over the list of priorities to the Chief Secretary after the Cabinet meeting," he said.
BJP-MGP alliance will start implementing the manifesto immediately but it would take little time to deliver, he said.