ATI problem with HP PAVILION

Hello,
I'm usinh HP Pavilion DV5 1002 with AMD processor and ATI 3200. when i switch on my laptop there is no display just the LED's blink. I got i diagnosed from local technician and he told that my ATI chip need to be replaced and it will cost me around 5000 INR..!!!

I tried the blanket method to fix the problem but it didnt worked instead there was a burning smell. Is there any way i could fix this myself ?