Is there any running shoe that is good as well as cheap?

Yes, there are some models of New Balance and Adidas shoes that are available at a comparatively cheaper rate and do not compromise with the quality. But, it is better if you avoid buying extremely cheap shoes as such shoes are not long lasting. You can go to prominent online merchant sites selling shoes like shoes.com, onlineshoes.com, eastbay.com, zappos.com etc; see the shoes that are available there and select the one you feel is most apt for you running as well as for your budget.