Do we really need IFRS in India?

Indian Accounting Standards as issued by the Institute of Chartered Accountants of India are more precise and practical, as compared with the International Financial Reporting Standards and International Accounting Standards. There are hardly any amendments made to AS frequently, but for IFRS, it is quite common to come up with hundreds of amendments each and every year. The reporting formats and the rules are more meaningful, understandable and practical in accordance with Indian Standards rather than IFRS. Do you think under these circumstances, we really need IFRS in India?