Yost makes the FSV-7, which is a 7" forged steel vise that looks almost exactly like the Matador/Ridgid forged steel vises, but it is cheaper. It is made in Taiwan, but I don't know about availability or pricing in India. In the US one can be had for about $340 delivered, so it would probably cost more than your current option. Bessey also makes the BV-DF8SB, which is a made in Europe 8" forged steel vise, but it is even more expensive than the Yost.
All that being said, I think the vise you originally posted would work fine for most purposes. I would feel confident that you could hammer on that vise with little risk as long as you didn't go crazy. You could also re-weld it if it cracks, weld in reinforcement if you find an area of weakness over time, etc. so you really don't have much to lose by trying it out. It sounds like you don't have a whole lot of options where you are at, so a few compromises will have to be made because of that fact. The jaws would work well for grabbing anything flat surfaced, but they won't work well for anything round. Something like the Yost FSV-7 has secondary pipe jaws to help hold round stock. Due to the design, I would be careful about trying to clamp down hard on something only held out towards the end of the jaws.
General Geoff is right about the jaw geometry being a little weak, but I don't think the design would be an issue under normal use (no extension pipe on the handle). The vertical metal plates are quite thick, so them bending over time would not be much of a concern in my mind. In my attached picture I show the two areas I would expect to be the weakest points in terms of future cracking if the jaws are consistently clamped shut too hard. I would expect a crack or metal deformation to occur on both sides where I have it marked in orange. The anvil behind the fixed jaw plate does help to add support to the weak areas, but it is smaller and shorter than would be ideal.
Perfect vertical jaw alignment is key when you need to clamp down hard on something to hold it in place and keep it from moving, so preventing mis-alignment is important. You could take the hardened vise jaws off, cut the vertical steel plates a little shorter, re-drill the holes for the jaws lower and then re-mount them. Re-positioning the vise jaws lower would help reduce the forces on the weaker area at the bottom of the fixed jaw, and lessen the chance of cracking (or metal deformation) there over time. You would have a geometrically stronger jaw setup for no cost and very little effort. It could all be done with hand tools and a drill if you had to. You would have to be okay with having less vertical jaw depth if you did that though.
Good luck, and let us know what you end up doing. Also, welcome to Garagejournal. It is especially nice seeing a new member from outside the US. Discussions are more interesting and insightful when there is more diversity within the membership.
