The problem with LCDs is that they are fairly delicate. You wouldn't want to risk any damage involved in bringing one from abroad. Of course they are cheaper there, but like Keith said, you will have to prove to the customs that your LCD monitor cost less than 25k - not something easy coz you are dealing with Indian customs
Better support is definitely guaranteed when you buy the product in India itself. But if you still want to get it from abroad, make sure the brand you buy will honor the warranty in India. Call up the company and ask them about it. Only then purchase it from outside of India.