No need to go for rs50000 helmet, there are options in the 15000-25000 range which are good enough.
Nothing like proper riding pants, but knee guards with jeans is also a decent option.
Again nothing like a leather jacket for protection, but it can get very hot and uncomfortable in warm weather, should go for ventilated textile jacket with removable thermal and rain liner(easier said than done). You will soon find that the jacket, pants, gloves, which felt comfortable in warm weather are useless in the winters, and vice versa. And neither will work in the rains.
There is no point in going for full leather suits, as they are highly impractical, and uncomfortable, and you will not (be able to) use them regularly. No point in buying stuff and not able to use it.
I am talking from personal experience, as I bought full length racing boots, and did not use them regularly, as they were a pain to live with, had I bought ankle high street riding boots, I could have made full use of them. But, by the time I realized that, I had already exhausted my budget on riding gear. Also, I bought Alpinestars textile riding jacket, it was very comfortable and all, but had no ventilation, and so got quite uncomfortable in warm weather, and neither was it suitable in cold weather. I know, I acted like a fool while choosing my riding gear, but then this is experience.

Riding


i know this few moths late but you must be eager to get that bike reving. My wife & I use use my busa everyday to work in Bangalore about 10KM each way the best i do is about 60-80KMPH and knowing the traffic in whitefield 80 is a dream run. so i use a regular jacket and a studs full face flip type helmet. am mostly in jeans and this helps. but if my travel is longer (>30km trip with > 70kmph speeds) then i use the alpinestart fabric jacket i got for 7K.

You can probable understand your riding habits and have 2 sets, dont rush... buy them over a period of time if budget is a constraint ride slowly or restrict ur speed or routes so you dont get tempted. also try out ebay, shipping take a bit of time but rally good deals and the bangalore post customs are really superb people to deal with i.e. if u carry all the papers properly while going.(i never had to bribe them at all in my 10 odd visits, which was a good surprise)

I have had my share of (2) 30KMPH slides due to losing control on the ring road, which have unpredictable people woking in big companies throwing bananas peel out of their Audi's (wonder their education taught them) or this one jpmc guy trying to cross looking at wrong side. luckily my city riding exp helped just had a minor scrape. so overall the gears do help but u need to choose them based on your riding habit and speeds.

like some one said the full leather ones are expense and not to mention the care they need so the leather is not fungus infested is huge task.