The ammunition which we are using in Sig-716 is M80 ball FMJ which is the standard NATO ammunition, which weighs around 147 grains. This is the same ammo which OFB also makes, and has recently exported to USA for their civilian market.
However, if we were to use some match grade ammunition for Sigs (168,175,180 grains etc.) from say (future SSS/CBC JV plant in Hyderabad) it might improve the accuracy of the rifle (to sub-MOA level) than what is possible which standard M80 ammo. However, in that case since the bullet weight is increased, the recoil will slightly increase. That is why most 7.62*51 rifles like SCARs, HK-417, AR-10 variants (from USA civilian markets) etc. use some sort of muzzle brakes to compensate the recoil.
PS: The Print article is a third class article from an author who doesn't have any idea of small arms or OFB. For example, it refers to a verticle handgrip (from FAB defence) and bipods as jugaad.