Hi Mahendra, Welcome to the forum! I'm Dan from Southern California. come on in and join the fun. As Torsten said MDF is not the best product to cut because it produces a very fine dust that is not good to breathe, and it will wear down your blades much faster than wood will. You don't have to use exspensive exotic woods to start with. I don't know what woods are available in India, but inexpensive woods available to us here in the U.S. are pine, poplar and ceder.
If you still want to use the MDF, make sure you wear a good dust mask.