Mukherjee, the Supreme Commander of the Armed Forces, was accompanied by Prime Minister Narendra Modi and Defence Minister Manohar Parrikar, among others at the IFR.
This is the eleventh fleet review after independence and the second international one being conducted in India.
The President was onboard 'INS Sumitra' which sailed through a display of 70 ships at anchorage off Visakhapatnam.
Speaking after reviewing the fleet, Mukherjee said 50 friendly Navies have sailed across oceans and sent naval ships and/or delegations to participate in the first IFR on the east coast of India at Visakhapatnam.
"Navies world over have conducted fleet reviews to symbolise their loyalty, allegiance to the nation and strengthening bonds between the sailors and the State. IFR 2016 does that much and much more", the President said.
"IFR 2016, while focusing on the prowess of Indian Navy, has brought together Navies from across the globe here on Indian shores, signifying our common desire to use the seas to promote peace, cooperation and friendship as also develop partnership for a secure maritime future", he said.
The review had a combination of ships from Indian Navy as well as frontline Navies from across the globe. The ships from Indian Coast Guard and Mercantile Marine also participated.
In this most formal of naval ceremonies, each ship, dressed in full regalia, saluted the President as he passed.
The President also reviewed the Indian Navy's air arm in a display of spectacular fly-past by several fixed wing and rotary aircraft comprising 15 formations.
In the final stage of the review, a mobile column of warships and submarines streamed past the Presidential Yacht. This display showcased the latest acquisitions of the Indian Navy.
Further, several enthralling waterfront activities, a display of marine commandos and helicopter demonstrations were conducted to mesmerise the viewers.
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