TimD:
Please don't get me wrong. I didn't condemn cassettes in all their incarnations, but the format when first introduced was well short of audiophile standards and apparently created for convenience and not much more. They were duplicated at many times playback speed and made with low-cost materials to boot. Noise was huge, and the cheap cartridge materials often contributed wow and flutter. They were, in short, miserable.
Later on, they were polished until they did become an audiophile medium. As I recall, Nakamichi was the leader among deck manufacturers. And superior tape formulations along with noise suppression made them much better and less noisy than they had been. They became pretty trouble-free mechanically too. I even dabbled in them a bit myself until CD's took my fancy.
I don't see much wrong with them for those that prefer analog. I'm not one of them myself, but--who knows?--maybe that enlightenment will strike even me one day.
LP's are another story. I'll admit ignorance of what may have happened to them after the introduction of CD's. I'll guess that in those 20 years I missed the introduction of better vinyls, better pressings by low-volume specialist firms in expensive short production runs, and sophisticated computer-assisted cutting techniques.
Nevertheless, the LP medium suffers from grave drawbacks, including the inevitable deterioration so long as they are played by mechanical contact, the large amount of maintenance to prevent whatever deterioration is avoidable, and inner groove distortion from cramming a constant amount of information into a decreasing radius of groove.
Reading LP's with lasers might help with the first two problems, but there aren't easy solutions to that third drawback. You might add to their expense and inconvenience by using about half of the surface, a path the DG followed for a long time, or make and play them back in variable speeds like CD's.
But all this has gotten us rather far from Coolvij's original problem and now from his reasonable request for some concrete help with his (sigh) attraction to LP's.
Sorry that I can't help there, Coolvij. Ignorance does interfere that way. But I know one thing: You shouldn't take a cheap path with the turntable or the cartridge (and I'd forgotten about needing something to provide the RIAA equalization curve [Oh, yes, a different equalization might be yet another way to rethink LP's.]) LP's are delicate and fussy. Compromising with them will have a worse outcome than compromising with other sources.
You'll need the best help possible from the equipment to get the best out of them.
I think that best was never good enough compared to cassette, reel-to-reel and CD, but you may find some satisfactions that I never did. And I definitely hope that, if you pursue LP's, you will.