Micromax's flagship phone has got a new update, updating OTA is still not possible, however with the new update OTA updates have been enabled.
Updating the official way
Find the nearest Micromax Service Center and give them the phone, they will update it. It is highly recommended you do this if you do not know to flash phones or you want to keep your warranty.
Updating the unofficial way
You will have to flash the new ROM using SP Flash Tool, you can see the entire guide in XDA.