Balaji,
The speaker rating tells us how much power the speaker can handle continuously (when the power is mentioned as RMS) or transiently when the power mentioned as Max.. It does not mean that it needs that much power. Even a 400 watt speaker can be driven by 20 watt amp to deafening level, depending on sensitivity of the speakers, output voltage of source (CD/DVD player) and your listening position.
So forget those RMS values, and as someone has already suggested, go for a standard entry level AVR from Denon/yamaha/Onkyo in your budget.