Whether or not he was born an Indian citizen would depend on Indian citizenship law.
If both parents weren't American citizens when he was born, he is not a 'natural born' U.S. citizen and therefore cannot be president. If he was born on U.S. soil to non-citizen parents, then he is an American citizen, but not a natural born citizen.
http://puzo1.blogspot.com/2009/08/logical-analysis-of-natural-born.html