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2. Don't decide this soon on academia.
3. Explore a law firm career or other options
Doing an LLM from an NLU is not a terrible idea, but it is not a very good one either. Try to build a stellar CV by the end of your 4th year (top 5 in batch, great publications, research assistantships, one or two competitions etc) in order to increase your chances of getting a scholarship to do an LLM abroad. One particular scholarship that you could try to aim for is the Alex Chernov Scholarship of the University of Melbourne. A foreign LLM just increases the chances of you becoming a professor at a good law school in India.
Though the path be broken and uncertain, never give up hope!
If you want to be a legal academician, then LLM+NET+PhD.
If you want to be a legal researcher, you can do that even after a LLB. Intern and join think-tanks. Work experience is more important there. Later on if you want, you can do a LLM in a specialised area or PhD as well, but it's not mandatory.
So, decide. Academia or Research.
Also being an academician includes three main duties.. teaching, research and admin. While being a researcher doesn't include teaching or admin duties.