Welcome to Mint, shreeram13
I thought at first it had to do with the DVI-HDMI cable, but as you have tried VGA it's not the case
Obviously you get the bootsplash of the live CD, but cant go through with the install
I think the solution is here:
http://www.linuxmint.com/wiki/index.php ... ur_Live_CD
If you've heard a little sound after a (short) while that is definitely the solution
NO DISPLAY DURING INSTALL
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Before you post read how to get help. Topics in this forum are automatically closed 6 months after creation.
From the wiki
The point here is installed systems. When you boot from the live CD just ignore this, because when the boot process stops you are (almost) at the same point as if you've booted into recovery mode from an installed system (executing chroot /root gets you to the same point)This helps "X problems" in installed systems as well
If your installed Mint can't boot "all the way", reboot into "Recovery Mode" and follow the procedure below.