So 399$ for console 50$ for ps+ and 60$ for EYE...total 510$...now which is cheaper..?
You don't need Eye to play games. You don't need PSN to play single player, which most play anyway. Moreover, PSN pays itself over many times by the time you are finished with the subscription.
With Xbox One, you have to authenticate your game every 24hrs. If your net connection is down (which we Indians are well familiar with), you can't even play the game you've bought.
PS4 is the only console that makes sense to buy in India. Maybe in first world countries, where they have excellent back-end infrastructure, the always-on DRM may not be such a hindrance. The few advantages might sway users to Xbox One over PS4, but definitely not in India. We trade many games amongst ourselves, and even depend on selling the already-played games to fund our next. With Xbox One, you can't do that either.
So, which exactly is cheaper? Even if PS4 comes to $600, it would still hold more value than Xbox One.