Since Rishy is shooting with a 500D he/she should have Canon's own DPP software, supplied with the camera. If you shoot raw then DPP will understand all the settings within the camera and "develop" the raw file very much as though it had been shot as a JPEG in the first place. The look won't be quite identical, but it will be close. The beauty of raw is that many parameters can be adjusted after taking the shot, with no penalty to IQ at all. e.g. you can freely change picture styles and see which you prefer. White balance has already been mentioned, but other things can also be tweaked too.
In other words, if you want to try shooting raw, but don't want to have to edit your images, then DPP will let you churn out JPEG copies from your raw files that will look close to JPEGs from the camera. Almost no user input is necessary. All you need to do is to select the images you want converted, press CTRL-B to start a Batch process and tell DPP where you want the JPEGs to be saved and if you want them resized. No tweaking to individual images is required.
When I got my first DSLR I switched from JPEG to raw in the first week or two, using DPP for my conversions for many months until Lightroom was launched and that became my raw editor of choice. I have not gone back to shooting JPEG in four years.
It's probably worth mentioning that the approach to shooting may be different when shooting to raw vs shooting to JPEG, but it does not have to be. When you shoot raw you are shooting to capture data, not necessarily a finished image. Therefore one technique is to maximise your exposure to capture as much data as possible. The technique is called "Exposing to the Right", because your objective is to nudge the histogram over to the right hand side. This technique will capture more tonal detail and minimise noise. The image may look overexposed, and may well be, but as long as you have not overexposed too far and lost details in the highlights you will be able to adjust the image for the best aesthetics in your raw software.
So, I guess the perfect raw file is one that is shot every bit as well as a perfect JPEG, but with the exposure adjusted, if appropriate, to make it as bright as possible without clipping important highlight details.