CPU: AMD 3.5 GHz FX 8320 8 Core - 10k
GRAPHIC: ZOTAC NVIDIA GeForce GTX 770 2 GB GDDR5 or Sapphire AMD/ATI Dual-X R9 280X 3GB - 22k-25k
MOBO: ASUS M5A88-M Motherboard (Micro ATX form factor) - 6.5k
RAM: Corsair Vengeance DDR3 8 GB - 6.5k
STORAGE: Seagate Barracuda 1 TB - 3.7-3.8k
PSU: Corsair VS650 650 Watt PSU - 4k
OPTICAL DRIVE: Asus DRW-24D3ST DVD Burner - 1.1k
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Total - 53.5k - 55k or maybe a couple of thousand more because of graphic card.
Well, if you go for r9 280x, you'll definitely hit the budget. But with GTX 770, you might shed extra as it is 1-2k more than r9 280x. I would recommend going for 770 as it gives slightly better performance than 280x (though 280x is an awesome card itself).
Also, these prices are based on online markets like flipkart, snapdeal etc. You might get a slightly lower price for some components at local shops.