This song appears to be based on a Goan folk song. This folk song was used once before in the Hindi film "Toofan Aur Bijlee" (1976).[1]
This song sequence, set in a Goan fishing village, appears to be inspired by a similar song sequence in another "It Happened One Night" (1934) adaptation - "O Bhai Machhua Tere Jaale Ka Toota Re Taaga" ("Nadan", 1951).[2]