The one has hardly to do with the other, since accidents will always happen, but that doesn't reduce the overall capability. The only field where IN is actually facing a difficult situation is the SSK fleet, but other than that, IN is doing fine. SSN, SSBN, new and far more capable carrier then before, new stealth corvettes, frigates and destroyers, increased range and endurance of operations, high increase of MPA capability by the induction of more P8Is and drones...
It's hardly deniable that IN today is at a peak when it comes to capability, that they never had before and that can be troubling for others, seeing IN developing to one of the prime navies in the region. However, PN can't be IN's yardstick and to fight the real naval threat to India, we need even more ASW capabilities (be it air, surface or submerged), so the current peak will be topped for sure.