You should pay little or no attention the the CPU GHz of a laptop. It is not a good indicator of performance. You also should not consider the amount of video memory: many manufacturers inflate this to sell low-end parts for higher prices.
I'm no expert on prices in India, but you will probably have to make compromises to get what you want.
If you really want to play games and care most about maximizing game performance while keeping within budget, you may want to look for a laptop powered with an AMD APU. Something like an A8 or A10 might fit your budget.
If you don't care as much about game performance and want a laptop that is faster for most other tasks, look for a laptop with an Intel i3 or better CPU.
For the best deal, you will have to look closely at what is available to you in your area.