I currently own a 17inch CRT. I bought it about 5+ years ago. Now it is ageing & started developing problems.
Monitor is a thing which you should buy as big as possible you can afford. They do not get upgraded so it's always better to get the best big one.
At present from reviews, Dell LCD monitors seem to be highly recommended. There is also a 22inch Benq LCD which is available for around RS.14K. Do check it out.
I am too thinking of getting a minimum 24inch LCD monitor in my next upgrade which is timed to happen in 2010 or 2009 end.