That's Rupees, and equals £55 - £66
I don't what is available in India, nor if there any import taxes if shipped in from another country.
You are not going get a great wheel, but you might be able to get a reasonably good wheel.
I can only compare to UK prices, and a pretty good wheel in the lower price range is around £90 (8150 Rs) and is the Logitech DFGT Pro.
I do not know about the wheels available that are cheaper than that, and whether they are good or not.
I do know that I, and many other people have started with the DFGT, and it is a wheel I would still use if I were on a budget. I use a Logitech G27 now, but there are things about the DFGT that I miss, like having all the buttons on the wheel. It was marketed as a PS3 wheel, but it is USB and has Windows drivers.
The downside of the wheel is that it does not have paddles on the back of the wheel, it has large rocker switches instead. Add-on paddles can be bought and added, or manufactured if you are brave enough to modify the switches.