Does india allow Dual citizenship?

e.g. India-USA or India-Canada

I don't think so.

I read a news article months ago that Indian Immigration Department is in the process of making necessary changes to allow Dual Citizenship. I haven't heard anything further on that. I would think this would be a big news when it's done!

No it does not allow dual citizenship.

India is planning to allow dual citizenship with a select few countries and this can happen in the near future. US and Canada are amongst these select countries. With BJP's coalition proposing this legislation and Sonia at the helm of Congress Party affairs, this bill should have a smooth sailing, but for the detractors from the Communist parties.

I was wondering how long does it take to get the card particularly if someone held an Indian passport earlier (prior to getting US citizenship).