^ For Dell laptops the price given on the site is a bit misleading because of the way taxes are calculated. My Inspiron 1525 config was quoted as 46,700 with taxes on site without Complete Care Warrenty. But when i talked to the sales rep, the actual cost came up to be 44,366 and that too with 1 Year Complete Cover warranty (cost Rs. 1029). So you better give them a call for XPS M1330. Only the sales rep can give you the real price. One more thing, XPS 1330 is 13.something " so that wuld be very good too.
See 14" laptop are a bit costlier then 15" ones and same is the case with 17" ones and above. Adding to that, you need Discrete graphics and all, so that i think is not possible in this budget. Will surely go 2-4 K above. Only chance is the XPS M1330 deal.
X3100 is an integrated solution with Support for Direct X 10, Pixel and Vertex Shaders v3.0 in hardware and a 500 Mhz Core speed. Its good for general purpose gaming and mainstream applications. Runs Vista flawlessly with Aero. Got Windows Experience Index of 3.5.
But since it doesnt have dedicated Video memory, it will never come close to a discrete graphics solution. The clock spped of mobile version is also slower (600 Mhz for desktop version). If your work primarily involves working with CAD and other graphics apps and / or you are into heavy/latest gaming then X3100 is surely not for you. But otherwise its a really good cost effective solution. For example i can play NFS pro street, NFS carbon, NFS most wanted, GTA San Andreas, Half Life 2, Doom 3, Unreal Tournament 2004 etc on it quiet well. Some of these work at low resolution/gfx settings, some run even at the high settings flawlessly. So for general use, X3100 is good.
On a closing note, as the graphics solution of the lappy cant be changed later unlike memory and hdd, choose wisely at this time according to your needs. Make an informed decision.
Update: You are a bit unlucky man, Dell has discontinued its 1420 series just 4-5 days ago, i guess. That laptop had a discrete graphics option with 14" display.
Currently they have a new model on their site, Inspiron 13, a 13" display screen based laptop with Integrated X3100 graphics only (as far as i can figure out from their site). They have not even begun selling it yet, just display. Got a nice and sexy look with XPS like styling (specially where the LCD and base assembly join together). Good one for casual and office users but has got only two USB ports