Your mileage may vary, and it certainly is a grey zone, but I’d just tick “No”.
Update: The visa application form also asks if your current citizenship (in your case USA) was by birth or naturalization, and if naturalization, what your previous citizenship was. You can and should truthfully answer “India” here, which will hopefully make the situation clear enough.
The visa application form also asks for your place of birth, which (presumably) will be in India as well, but since you’ve already declared your past citizenship this is unlikely to be a problem.
Credit:stackoverflow.com‘