You are incorrect. Navies are as important today as they were in the 15th century; even more so, in fact. There is a reason why the US spends hundreds of billions of dollars each year in building and maintaining a huge navy.
However, modern surface navies are useless without air cover, which is why aircraft carriers are so important.
For a nation like Pakistan, having a navy is not important because overseas power projection is not an objective for the Pakisani military, while it is for the Indian military.
The Pakistani Navy should focus entirely on submarines and AA frigates. Any capital ship larger than a destroyer will be an easy target for the Indian Navy, and generally a waste of money for Pakistan. In case of a war between India and Pakistan, Pakistan's navy should use it submarine arm to try and deny the sea for Indian capital ships. However, this task will become increasingly difficult as India inducts large numbers of highly-advanced ASW aircraft, like P-8 Poseidons and Ka-32 helicopters.