Thanks to Robotics India . I came to know about an 8 bit microcontroller development board at 7$. I had to cross two hurdles before I purchased this board.
Obstacle 1: My debit card was not processed by paypal to purchase it over e-bay. I was not able to make my payment over e-bay.
Onstacle 2: Farnell India, A re-distributor of the STM-8S boards in India, has a policy of not selling the boards to individual buyers.
I had to ask my friend who owns a company to buy this board for me. I am all set to learn more about this new microcontroller. For more details, ST’s page