Should Owning a Fire Arm be this difficult?

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"A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed."
US Constitution, Second Amendment, gives its citizens a Right to Bear Arms without any hassles. In India, on the other hand, there are number of things that you need to go through. Let's take an overview.
Gun ownership in India is a privilege under the Arms Act of 1959. The Arms Act of 1959 and the Arms Rules of 1962 were derived from the text of the Indian Arms Act of 1876 created by the British Rulers in view of the 1857 rebellion against the East India company.
To obtain a license to own a firearm, a person has to prove that there exists "threat to life." (If you are lucky enough to be alive to prove that). Once a license is obtained, there are several restrictions on caliber and types of firearms (semiautomatic rifles, short barrel shotguns, and automatic weapons are not allowed for civilians). A license is limited to three firearms under section 3 of the Arms Act 1959. Under the wake of terror the government is considering making the rules even more stringent.
India has won an Olympic Gold medal in the 10m air gun category. It also has a few good shooters in the trap and skeet shooting areas. However, only renowned shots are allowed to import firearms, that too only after requisite permission from the authorities.
All manufacturing is done by the government ordnance factories, who without any competition, produce poor quality products.
Now the question is whether this is right or wrong? How sensible it is to hang on to the Act enacted by British Govt. about 134 years back? Can we Indians do something about it?
I am posting two links so that we can become part of the movement.
Before I conclude, I want you to read the following carefully.

"If someone has a gun and is trying to kill you, it would be reasonable to shoot back with your own gun." -- The Dalai Lama, (May 15, 2001, The Seattle Times) speaking at the "Educating Heart Summit" in Portland, Oregon, when asked by a girl how to react when a shooter takes aim at a classmate

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