@ rohit360degree
Even if the new born is born 1 day after your application sign off date, i dont think it shud b a problem.
However, keep in mind that if you start planning your family now, the mother will be pregrnant by the time of your medical test (applications are expected to be processed by march 2014).
Note that all medical tests can not be performed on pregant mother (for safety of child and some give false reading due to high hormone level of mother). Therefore, your application may get delayed by few months due to pending medical tests.
But overall, other than they delay, there shud b no bearing on the application or result. In fact, they shud be happy for getting one extra prospective citizen of intelligent & hardworking parents
. After all the whole exercise is to strengthen the population.
Go ahead.