Indian Monarchy?

Recognising that no empire lasts forever, I might not mind the decline of the British Empire so much (though it didn't need to collapse as quickly as it did) if it had been replaced by indigenous monarchies. Alas, republics are the norm throughout most of the former Empire, despite having no roots in the pre-colonial societies of Asia and Africa. Could India, which became independent in 1947 and a republic in 1950, have become a Monarchy instead?