Wanted to say every friend is important, but have kept the more literal 'necessary.' You can take the one you prefer. There you go.
Chai Ke Liye Jaise Toast Hota Hai 
Vaise Har Ek Friend Zaroori Hota Hai 
Aise Har Ek Friend Zaroori Hota Hai 
Like there is toast for tea,
Every friend is necessary,
like that every friend is necessary..
Koi Subah Paanch Baje Neend Se Jagaye 
Koi Raat Ko Teen Baje Jaan Bachaye 
Ek Teri Kadki Mein Sharing Kare 
Aur Ek Tere Budget Mein Sneak In Kare 
Some (friend) wakes you up at five from sleep,
some (friend) saves life at three in the night,
one shares (his things) in your bankruptcy,
while the other sneaks in to your budget..
Koi Nature Se Guest, Koi Host Hota Hai.. 
Par Har Ek Friend Zaroori Hota Hai 
By nature some is guest and some is host,
But every friend is necessary..
Ek Ghadi Ghadi kaam Aye Par Kabhi Kabhi Call Kare 
Ek Kabhi Kabhi Kaam Aye Aur Ghadi Ghadi Call Kare 
One helps repeatedly, but calls rarely,
another helps rarely, but calls repeatedly,
Gossip Ka Koi Ghoomta Phirta Satellite 
Koi Saath Rahe To karde Sab Alright 
Koi Effortless, Koi Forced Hota Hai 
Lekin Har Ek Friend Zaroori Hota hai 
Some (friend) happens to be a moving satellite of gossip,
some, when with you, makes everything alright,
some (friend) is effortless and some is forced,
but every friend is necessary..
Chat Room Friend, Koi Class Room Friend 
Koi Bike Pe Race Wala Vroom-Vroom Friend 
Shopping Mall Wala Shopping Friend 
Koi Exam Hall Wala Copying Friend
Some chat room friend and some class room friend,
Some vroom vroom friend who races bikes,
Shopping friend of shopping malls,
And some copying friend in exam hall..
Movie Buddy.. Groovie Buddy 
Hi Buddy.. Bye Buddy 
Joke Buddy.. Poke Buddy 
Gana Buddy.. Shaana Buddy 
Chaddi Buddy.. Yaar Buddy 
Movie Buddy.. Groovie Buddy 
Hi Buddy.. Bye Buddy 
Joke Buddy.. Poke Buddy 
Song Buddy.. Intelligent Buddy 
Close* Buddy.. Close friend Buddy 
Kutte... Kaminey.. 
Everybody.. Sab Buddy 
A To Z 
Dog.. Rascal..
Everybody, all buddy,
A to Z..
Gin Gin Ke Naam Bheja Roast Hota Hai 
Par Har Ek Friend Zaroori Hota Hai 
Lekin Har Ek Friend Zaroori Hota Hai 
Counting the names, the mind gets roasted,
but every friend is necessary..
but every friend is necessary..
*Chaddi Buddy here seems to be taken from a common Hindi phrase 'langotiya yaar' which means friends so close who don't mind sharing even their underwear. Chaddi and langot both mean underwear.