Prostitution should be fully legalized. That is
(1) good for women prostitutes - who are not abused and taken advantage of
(1.1) good for the health of prostitutes who can work in establishments that regulate health, condom usage of both customers and suppliers. In fact I see that in counties in Nevada where it is legal the women are quite happy, in good health and make lots of money. Also see this in Switzerland and Deutschland
(1.2) Having more legal practitioners would lower prices for customers
(2) source of tax revenue
(3) gets rid of honey trapping for those who may not be able to get enough sex through other means
- I see on the internet that Chankya's Arthashastra discussed this and had a well designed system - 2300 years ago.
The only reason to ban it is to enable honey trapping - which, along with victorian prudishness, was probably the reason for banning it anyway. However in India we are only hurting our own security.