Now that CAR-816 deal is cancelled, so instead of ordering JVPC which will be underpowered for carbine role, or any other carbine for that matter, a very good option will be:
Apparently, this is a bullpup configuration of INSAS. It is a re-engineered version of an existing INSAS rifle into bullpup configuration. Externally, looks similar to SA-80 rifle. This is done by a young major in Army Infantry school and CME, Pune. Looks compact and apparently, it has cleared initial trial with flying colors. Though it may need further refining.
Sine army has already decided to replace INSAS by Sig 716, this way we can save a lot of money, since it will be a weapon conversion, not a new weapon. Apparently, army is guiding the project. Another plus point is the 5.56*45 mm INSAS round, which has high penetration power, which army has millions in stockpile. Further due to the use of Tavors in army and CRPF for a long time, bullpup configuration will not be a major issue.