Sid, the pink insulation is not found here, but I can assure you the yellow is equally itchy

hyeah:. I came across a thread by IndianEars where he had used the pink insulation by Dupont. On contacting Dupont, they could not point me to anything in India, so went ahead with Twiga which is also of very good quality. Yup, make the panels 4 inch deep. Use two layers of glasswool - 50mm(2 inches approx) of low density(25 or 32 kgm) glass wool for the layer facing the room and another 50mm of high density(48kgm).
Link below should give you a fair idea of NRC of various products. Not everything is available here, but one can draw a parallell:
http://www.bobgolds.com/AbsorptionCoefficients.htm