TL;DR
"Avartan" is a special case of "Form," which is an abstraction without direct notational equivalent.
Elaboration
@Pyromonk, in referencing this article on Avartan, and @Tetsujin and @Raagjazz in their answers, all address the same fundamental ideas, which I'll try to elaborate further here.
"Form"
In the Western-music analogies to avartan made so far, "12-bar blues" comes up several times. "12-bar blues" is an example of what is more generally termed "Form."1 The "Form" of a piece of music is an abstract description of that piece's melodic, harmonic, and time structures, something like the floor plan of a building. Being an abstraction, however, "Form" which does not have a direct notational equivalent.
Form and Avartan
The particular form called the 12-bar blues, in traditional performance, is treated cyclically.2 Such a performance would begin with a standard melody based on the underlying 12-bar blues form, followed by a variety of improvisations over that same form, and ending with a restatement of the original melody. Each time through the form would be analogous to avartan.
A difference
A significant difference is in the conception of time. The time sub-units (called "bars" or "measures") of a 12-bar blues are always of identical duration -- comprising the same number of equally-timed beats.3 The "avartan" of a 12-bar blues "in four" would be a total of 48 equal-in-duration beats, divided into 12 groups ("bars") of 4. Similarly, a 12-bar blues "in three", would contain a total of 36 beats, divided into 12 measures of 3 beats each. The time-signatures (3/4, 4/4) you mentioned specify the beat-duration of each measure.
EDIT: Addendum
One indication of cycles in staff notation is the repeat sign.
X:0
T:Repeat Sign
K:none
M:none
|: y y y :|
Typically the music notated between the repeat signs would be repeated one time (i.e., played a total of twice), but can be indicated for more or even indefinite repetions.
X:0
T:Specified number of repetitions
K:none
M:none
|: y y "repeat 3 times"y :|
X:0
T:Unspecified number of repetitions
K:none
M:none
|: "repeat until cue"y y y :|
Based on your question, you might find Melharmony of interest as an intersection between Indian and European musical concepts. Melharmony, developed initially by N. Ravikiran and further elaborated by Robert Morris, interprets harmony and counterpoint from the perspective of melodic development as found in Indian music (among other cultures).
Wikipedia has some basic information, and my own introduction came from this article in Perspectives of New Music.4
1 "12-bar blues" is itself a group of related forms that share certain common traits. But for our purposes, I'm going to treat it as a single, archetypal form.
2 Forms need not be cyclical. For example, a "fantasia" is a piece specifically without strict adherence to a canonical structure.
3 In theory, a 12-bar blues could be performed with measures of variable durations, adhering only to an agreed upon total number of beats in each cycle. However, this would be a rare exception historically speaking.
A recording that approaches this idea is Wynton Marsalis's interpretation of "Autumn Leaves" from the album "Marsalis Standard Time, Vol. 1" As composed, the piece begins with eight measure of four beats each. However, in this recording, the measure itself is the basic unit of time. The first measure is expressed with one beat; the second with two beats; the third with three; and so forth until reaching a eight-beat eighth measure. This process in then reversed in the second eight measures.
4 Chitravina N. Ravikiran. "Robert Morris and the Concept of Melharmony." Perspectives of New Music 52, no. 2 (2014): 154-61. Accessed August 24, 2020. doi:10.7757/persnewmusi.52.2.0154.