hmm, seems like a good enough build..
(sorry editing my post again as i missed ur budget of 55K) its a really tight budget but i'll try to fit in all the components....
Processor: Core i7-920 (2.66Ghz stock speed)
Rs. 15K (it will be hard to fit in a core i7 proc, if u cant then go in for a core i5 processor as i DO NOT knw by HOW much? will u be able to extend ur budget...
Motherboard:
Gigabyte UD5 )this is a gr8 bang for ur buck if u NOT willing to OC or OC to a small limit) (for heavy OCing, Evga X58 board is available but it maybe outta ur budget as it will cost u 21-22K
Rs.16K
RAM: Corsair TR3X3G 1333 C9 (3GB Kit) (3 RAM modules each working @ 1333Mhz) (save money on RAM and instead of goin for 1600mhz modules, spend those money on a better GPU)

(The RAM u hv mentioned XMS3 is a 4GB kit i guess with 2x2GB RAM modules) its better to go with 3kit RAM modules to utilize the tri channel memory support of the Motherboard in multiples of 3 like 3gb,6gb,9gb,12gb,,,etc...

Rs.7.5K
GPU: an ATi based gpu will get into ur budget so a 4870/4890 wud be better
LCD: a 24" will cost u around 14-15K, whereas a 22" LCD (FullHD) Will be under 9K (here again, i wud say go in for a 22" LCD and spend the rest money on a better GPU)

a 22" Samsung FullHD 2233SW (1920x1080) with DVI will cost u approx. Rs.8K (or jus under that)
HDD: a 1TB hdd (sata-2 7200rpm) is more than enough to hold all ur games, movies and other things..go with WD please (i jus dislike seagate..lol..)
PSU: get a Corsair 650TX PSU (as u said u will be upgrading to a better gpu in future)
Cabinet: Coolermaster CM690 (dnt ignore the cabinet as it will house ur Components and will also regularize air flow so a better cabinet is a must) will cost u 4.2k
ups: (jus dnt say any USP dude..its important as well) as the PSU (Corsair 650TX) is an ACtive PFC type of PSU, a pure sine wave output UPS is required (though they are costly as compared to stepped/modified sine wave UPSes), go in with APC's "SMART UPS" range of UPS (their "BACK UPS" range is a stepped sine wave UPS and NOT pure sine wave)
in general, a ACTIVE PFC type of PSU requires a PURE SINE WAVE UPS (keep this in mind)...

a 900VA-1000VA UPS will be jus fine..
but as per ur 55K budget limit, this UPS wont come in ur budget
i guess it will cost u 10K alone

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Cheers n e-peace.....