Nivaan, Thank you for taking the time and replying to everyone so patiently, out of all the threads you have been super helpful always.Hello everyone.
I contacted FRRO helpline to check about the duration of Visa. I was told that entry visa is issued only up to 1 year. If you need for more duration then apply for extension later or apply for OCI. I also checked whether I would need an exit permit if I need to travel internationally. So they told me that I have been issued a multiple entry visa for 1 year. I will not need an exit permit as long as the visa is valid. I will have to apply for exit permit only if the visa has expired and if I need to exit India. They did not know in how much time we must exit India once exit permit is issued.
About OCI, I can only apply for OCI only after 6 months.