I am in the US so I obviously don't know anything about quality and cost of merchandise in India, so all I can advise is based on US market. Having said that:
1) $300 USD is about the least expensive guitar of any quality (electric, acoustic, or acoustic-electric) new guitar. If you pay less than that for new you are, as they say, getting what you pay for. Realistically, you could pay several times that for a decent instrument.
2) A $65 guitar (new) in the US is going to leave you with sore fingers and a sour taste in your mouth for guitar playing
3) Good microphones are expensive (can be extremely expensive). The good news here is you don't need a good microphone. In the US you could get away with paying almost nothing (and in some cases nothing) for a perfectly usable microphone. If won't sound good, but neither will you for quite a while. When you get to be a decent musician trade up in your equipment for something better.
4) Every young man (it seems) reaches a certain age and decides to learn to play the guitar. Most buy cheap/crappy instruments (like the guitar you linked to in all probability--it may be great but I strongly suspect it is junk) and soon give it all up as a lost cause. Some buy decent instruments and give it up anyway because learning any instrument requires dedication and practice.
5) As a result of this there are generally a lot of fairly decent guitars out there for sale on the used market if you are patient and know what to look for. You may be able to find one for $90; if so jump on it. But, you will have to look at a lot of resold crap guitars to find a gem, so when you find one be prepared to buy it regardless of whether it is acoustic or acoustic-electric.