Vice Admiral Srikant died on Tuesday morning at the base hospital in New Delhi due to COVID-19-related complications, officials said.
The vice admiral, the navy's senior-most submariner, was due to retire on December 31.
Expressing his condolences, defence minister Rajnath Singh tweeted, "Deeply pained at the untimely and sudden demise of Director General Seabird, Vice Admiral Srikant."
The ministry of defence and the Indian Navy will always remember his stellar contributions and remarkable service to the nation, Singh said.
"My deepest condolences to his bereaved family and friends. Om Shanti!" the minister stated.
Srikant was admitted at the base hospital in Delhi after he contracted COVID-19, said a junior Navy officer who had worked under him.
Subsequently, the vice admiral tested had negative for COVID-19 on Sunday morning, but developed breathing difficulties by evening, the officer said.
"He was shifted to ICU and was subsequently put on a ventilator," the officer mentioned.
Previously, he had held charge as Inspector General of Nuclear Safety and Commandant of the National Defence College, officials said.