If you are planning to visit solo then it might be hard.
But if you have a group or a partner then it might be possible.
In regards to stay, there are lots of hotels which will provide you rooms at 500 INR. So technically 250 per person.
and for food, lookout for street food where locals eat they are cheap and good as well.
I would suggest you to take 600 - 700 INR as your budget for a day.
Hope this answer helps