Arun, All the best to you, as you approach your long lost love once again... hope you find it as interesting as before it cruelly ditched you 17 years ago.
While all P&S are improving, and for the general public, cancel out any need for an SLR, You will soon hit your limit of creativity with a point-and-shoot. Your types will not be satisfied with whatever programmed flexibility a point and shoot will give you. So maybe not a good idea to go for a P&S. You will end up spending even more on a DSLR shortly, after hitting the wall with your point and shoot.
I may be an armchair expert on the topic, but I'm good at being armchair expert, so ignore the advice at the peril of your wallet.
There was quite some discussion on Banwari's and Feroz's purchases of cameras, that can serve you well too for choosing a suitable DSLR. Your budget will be an issue - I recall those posts in "Buying a Car" with reams of requirements, and the kicker? - a 3L max budget constraint! 
|