You will most definetly need a new psu, I have friends in India, I know about those local electronics store psu's they sell there for $10, get a corsair 450-500 watt one and a gpu from the HD5700 / HD6700 series, anything more powerful will get bottlenecked by that cpu. I believe a HD5770 is around 9000rs.
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Intel I7 3770K @ 4.5ghz, Cooler Master Hyper 212 Evo, Gigabyte Z77X-UD3H, Gigabyte HD7970 ghz edition, 4x4gb Kingston HyperX Beast 2133mhz, Seasonic Platinum 860, OCZ Vertex 4 128gb, WD Black 1TB, WD Green 3TB+1.5TB, ASUS Xonar Essence ST, ASUS VE278Q, Windows 3.11