The prime minister took the salute and also met and interacted with the crew on board INS Vikramaditya.
Modi was accompanied by navy chief Admiral R.K. Dhowan, and was given a ceremonial guard of honour.
During his "day at sea" with the Western Naval Command fleet, Modi will witness air power demonstration by various naval aircraft, including MiG 29K, Sea Harriers, P8 I long-range maritime patrol and anti-submarine warfare aircraft, TU 142M, IL 38 SD, Dorniers, Kamov and Sea King helicopters.
Modi was accompanied by navy chief Admiral R.K. Dhowan
He will also watch high-speed manoeuvres by the western fleet ships, including aircraft carrier INS Viraat, Delhi class destroyers and Talwar class frigates.
Modi's visit to Goa, where he will take part in a series of events, will also be his first domestic visit since he became the prime minister last month.
The 44,500-tonne INS Vikramaditya, procured from Russia, is one of the newest acquisitions of the Indian Navy and the most powerful symbol of its military reach. It was commissioned by then defence minister A.K. Antony last November at Russia's Sevmash shipyard.