Yes you can start with this much amount of money .You must have VAT , Tin no. , IEC now these can be applied online in some of states

1 .First research the market i.e which products are going to sell.

2. Then Source it from Indiamart / Justdial /TradeIndia/alibaba.

3. Start selling.

4. Earn Big.

For selling online you need TIN/VAT no. , Bank A/C , Pan Card ,IEC & last but not least lot of patience.

Note : IEC is must Import Export Code can be applied online for INR 250/-

Some people are thinking that its not possible but thinkk like that if you do import & then sell it in here you will going to earn then with that profit you can invest more into that item/product.

My Friend have started Exporting items from India to USA using Indian Post/USPS and is doing great (He is doing without IEC) I recommend using IEC if you doing Exporting/Importing in Bulk i.e amount exceeding 3 Lakh . Also you can opt Frieght Options also they will use there IEC code and all you will be tension free but it will cost more.