Ok I'm getting the Phillips HTS 5530 exchanged for some thing better. I am willing to spend upto 30k. What options do I have.
Best options are the AVRs, and there are multiple threads with suggestions all over our forum for budget AVRs/HTiBs. (Onkyo / Yamaha / Pioneer all have options at the 20K-25 price range, and are available at Reliance Digital).
Another option that could be considered in case you are looking at budget HTiBs with comparatively lower power consumption is the LG BH7220. This one has 2 HDMI inputs, ARC on HDMI out, Optical in, 3D Blu Ray playback, etc. Presume your TV has HDMI inputs (or atleast a DVI one). Output from PS3 can be through HDMI (with the other HDMI input port kept free to connect something else in future). Had just bought it last week and have another thread on it open currently in case you would like to check further details. I think the price in Reliance Digital is Rs. 20990 (MRP is 24990) during this Diwali period, with offer of 2 free 3D Blu Ray disks. Can be found little cheaper in some other dealerships, but Reliance also gives some cash backs later during this period, I guess.
All the best and let us know what you finally decided on.