There are many, for my concern opt for Bluevesta Web Hosting solutions, which will give you web space for just Rs 299 or $7.5 for one year. They will give you a ((domain + hosting)) at Rs 499 or $12.5 per year , and domain for 350 per year.

its from indiatimes.com.they charges around 1400 pa for webhosting and 450 pa for domain registration.