Before we get to the actual question:
Are you (prak11):
- born in Canada or
- a naturalized Canadian?
Because only in those cases your kid has Canadian citizenship.
If you yourself were born outside Canada and received your Canadian citizenship because one of your parents were Canadian, then your kid is NOT Canadian due to the 2009 change in citizenship rules.
Again, as long as you were born in Canada or you went through the naturalization process (test and oath and all), you are safe.
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Now that that is settled, the other question:
The only thing I know is that when you apply for an Indian passport, your kid doesn't lose Canadian citizenship. I don't know anything about Indian citizenship law, though. So you'd have to listen to others when it comes to the question if and how your kid might lose its Indian citizenship.