Hi Price101, the
Samsung Galaxy Star Duos S5282 is available for around 4600-4700 retail ($85 unlocked). 3" screen, Cortez A5 1Ghz processor, 512 MB RAM and a 2MP fixed focus shooter
The single SIM variant, when launched, should be even cheaper
Most basic games like Angry Birds, Temple Run2 should run alright with or without Chainfire3D. Whatsapp etc. also works just fine.
That's the only multinational brand available for that price. You'll however find plenty of Chinese branded/unbranded Jelly Bean phones within Rs. 2000-4000 ($35-70) or thereabouts.
Micromax, Karbonn, Lava, Lemon, Zen etc. will sell bigger 4 inchers for that price. They haven't released any JB offerings at that price point though to the best of my knowledge. If you're OK with that, check out Micromax A27 and A35 (Gingerbread) and Karbonn A2+, A4+ and A6 (All ICS) and cost less than 5000 ($90). Dunno if you can find JB for that price as yet though.
If I were you though, I'll just sacrifice a bit of screen real estate to get the Galaxy Star and have Jelly Bean as also the peace of mind that comes with the manufacturer's brand. Cheers