;Gaalib bhii gar nah ho to kuchh aisaa
dunyaa ho yaa rab aur miraa baadshaah ho
1) if even/also Ghalib would not
be/exist, then there'd be no such harm/loss--
2a) the world would be, Oh Lord,
and my King would be
2b) may the world be, oh Lord,
and may my King be!