Hello @Sharma, Rahul,
welcome to this moderated Azure community forum.
The message size limit is 1MB as documented. I'm not aware of any plans about lifting this restrictions so you need to get in contact with Microsoft.
Sometimes Azure limitations can be changed if you come with a specific reason so please create a support ticket.
A more common scenario is rethinking your architecture.
Increasing the message size will directly influence the number of units you need to prevent throttling (your next limitation?).
You can try sending smaller messages or sending multiple messages or trying compression.
You can also try to separate the event part (there is new information) from the actual payload (the actual payload can be found in eg. some storage account container).
If the response helped, do "Accept Answer". If it doesn't work, please let us know the progress. All community members with similar issues will benefit by doing so. Your contribution is highly appreciated.