Most Indians I know here (in IT and such sectors) are following a new trend - they take their citizenship, get a PIO/OCI card (dual citizenship) and then head out to India to be part of the "India Shining" bandwagon :) This is a commonly discussed option in desi circles here and is happening a lot!
The reason for US citizenships dwindling (by Indians) is perhaps due to overall immigration restrictions that are causing a lot fewer Green Cards to be issued to job-based visa holders (at least since 2001). Most folks who filed for permanent residency since 2001 have been waiting endlessly for approval but the ones who were luck to get approved are furiously filing citizenship (they are eligible after 5 years of staying on their Green Cards)!
