That's pretty much a range. Anything that starts around 15 Lacs PA to 20 Lacs PA. But don't give into demands so easily. I would suggest you never even bother to hire job hoppers, which are super common here.
Look for- strong inclination for curiosity, past projects, and their interest in picking up good technical projects.
By and large the prices are a little lesser than that you would be pay to a 'Good' US programmer(I'm assuming bad programmers are everywhere).
Though being an Indian and staying in Bangalore. I would suggest you better try to get people from UK first and start up there. Regarding India operations, well these days you can't really be out of India and China(at least if you want a long term successful business). But that is for later. Start up in your own country first. You don't want to be dealing with other surprises when your company is so young.