"Taking note of the capability shortfall of conventional submarines, ship-borne helicopters, mine counter measure vessels and other weapons and sensors in the Navy, Jaitley assured that all efforts would be made to ensure operational preparedness of the Navy," the Navy said in a release.
The minister was addressing the top Navy brass at the force's bi-annual commanders' conference.
The Navy is facing shortage of submarines and the problem was complicated further after the sinking of Russian-origin Kilo Class vessel INS Sindhurakshak in August last year.
The conference is held to discuss issues of operational relevance, identify capability gaps and to review the future plans of the Navy.
Also Read
Referring to the prevailing security environment in the neighbourhood, Jaitley stated that "deployment of our assets has been highly effective and needs to be continued to secure the country's economic and maritime interests".
He said overseas deployments and bilateral exercises by naval ships with the regional navies in the South China Sea, Western Pacific and Persian Gulf have further "strengthened our bilateral relationships, enhanced inter-operability and built, as well as renewed 'bridges of friendship'".