Nothing happens without money and technical expertise. India can launch its own string of pearls if it has resources. Stopping Chinese Navy expansion is an unattainable goal.
The immediate goal should be to make island territory and continental coastline secure. I think a crash program to build more submarines, submarine hunting corvettes and mine-hunting ships should be top priority.
This along with buildup of infrastructure in A&N should be adequate.
If continental landmass is not secure, talking of engagement in the middle of Indian ocean is useless.
China wins not only on the strength of its navy but trade and finance. There will be plenty of countries in Africa that will be lured by China. So this competition is at a much bigger scale.