It seems like no streamers with i2s output are available in the mentioned price range. Pi2AES was there, but it is discontinued (If you can find a used one, then it is the best). Your best bet is a decent streamer like Allo USBRIDGE along with a USB digital interface like this (Not sure about the complexity/performance of this setup).
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If you can increase your budget, then SMSL SD-9 is another option, which is available in India.
Also, if you are open to use the other inputs (Coax/optical/USB) of your Pegasus DAC rather than i2s, then there are plenty of options available at your budget.
