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Yes indeed - and these protections have existed since 2010 when the Directorate General of Civil Aviation (DGCA) published rules around consumer rights. Admittedly, they are not very well-known and do have terms and conditions under which they apply. The airlines in India in general are very coy about the rules and wouldn't necessarily volunteer this information, based on experience. And even when you do try to seek compensation, it can be hard to actually process through if you don't know what specific memos / rules to quote so the airlines certainly don't make it easy.
There's a DGCA "Know Your Rights" portal that provides easier-to-read summaries of the main rules around delays, cancellations, and denied boarding which would primarily cover most of the usual concerns that travellers have.