Hello there
Yes your child has the right under Para 297 of the immigration rules to obtain ILE.
The British consulate may issue ILE ‘ indefinite Leave to Enter’ which is the other side of the coin of ILR.
However, they may cheat on you and give your child One year settlement visa ‘in view of settlement’ using Para 301. If this happens, do not worry as you can apply for ILR to your child one year later under Para 298
Here is the law
Requirements for indefinite leave to enter the United Kingdom as the child of a parent, parents or a relative present and settled or being admitted for settlement in the United Kingdom.
297. The requirements to be met by a person seeking indefinite leave to enter the United Kingdom as the child of a parent, parents or a relative present and settled or being admitted for settlement in the United Kingdom are that he:
(i) is seeking leave to enter to accompany or join a parent, parents or a relative in one of the following circumstances:
(a) both parents are present and settled in the United Kingdom; or
(b) both parents are being admitted on the same occasion for settlement; or
(c) one parent is present and settled in the United Kingdom and the other is being admitted on the same occasion for settlement; or
(d) one parent is present and settled in the United Kingdom or being admitted on the same occasion for settlement and the other parent is dead; or
(e) one parent is present and settled in the United Kingdom or being admitted on the same occasion for settlement and has had sole responsibility for the child's upbringing; or
(f) one parent or a relative is present and settled in the United Kingdom or being admitted on the same occasion for settlement and there are serious and compelling family or other considerations which make exclusion of the child undesirable and suitable arrangements have been made for the child's care; and
(ii) is under the age of 18; and
(iii) is not leading an independent life, is unmarried, and has not formed an independent family unit; and
(iv) can, and will, be accommodated adequately by the parent, parents or relative the child is seeking to join without recourse to public funds in accommodation which the parent, parents or relative the child is seeking to join, own or occupy exclusively; and
(v) can, and will, be maintained adequately by the parent, parents, or relative the child is seeking to join, without recourse to public funds; and
(vi) holds a valid United Kingdom entry clearance for entry in this capacity.
Requirements for indefinite leave to remain in the United Kingdom as the child of a parent, parents or a relative present and settled or being admitted for settlement in the United Kingdom.
298. The requirements to be met by a person seeking indefinite leave to remain in the United Kingdom as the child of a parent, parents or a relative present and settled in the United Kingdom are that he:
(i) is seeking to remain with a parent, parents or a relative in one of the following circumstances:
(a) both parents are present and settled in the United Kingdom; or
(b) one parent is present and settled in the United Kingdom and the other parent is dead; or
(c) one parent is present and settled in the United Kingdom and has had sole responsibility for the child's upbringing; or
(d) one parent or a relative is present and settled in the United Kingdom and there are serious and compelling family or other considerations which make exclusion of the child undesirable and suitable arrangements have been made for the child's care; and
(ii) has limited leave to enter or remain in the United Kingdom, and
(a) is under the age of 18; or
(b) was given leave to enter or remain with a view to settlement under paragraph 302; and
(iii) is not leading an independent life, is unmarried, and has not formed an independent family unit; and
(iv) can, and will, be accommodated adequately by the parent, parents or relative the child was admitted to join, without recourse to public funds in accommodation which the parent, parents or relative the child was admitted to join, own or occupy exclusively; and
(v) can, and will, be maintained adequately by the parent, parents or relative the child was admitted to join, without recourse to public funds.
Requirements for limited leave to enter or remain in the United Kingdom with a view to settlement as the child of a parent or parents given limited leave to enter or remain in the United Kingdom with a view to settlement.
301. The requirements to be met by a person seeking limited leave to enter or remain in the United Kingdom with a view to settlement as the child of a parent or parents given limited leave to enter or remain in the United Kingdom with a view to settlement are that he:
(i) is seeking leave to enter to accompany or join or remain with a parent or parents in one of the following circumstances:
(a) one parent is present and settled in the United Kingdom or being admitted on the same occasion for settlement and the other parent is being or has been given limited leave to enter or remain in the United Kingdom with a view to settlement; or
(b) one parent is being or has been given limited leave to enter or remain in the United Kingdom with a view to settlement and has had sole responsibility for the child's upbringing; or
(c) one parent is being or has been given limited leave to enter or remain in the United Kingdom with a view to settlement and there are serious and compelling family or other considerations which make exclusion of the child undesirable and suitable arrangements have been made for the child's care; and
(ii) is under the age of 18; and
(iii) is not leading an independent life, is unmarried, and has not formed an independent family unit; and
(iv) can, and will, be accommodated adequately without recourse to public funds, in accommodation which the parent or parents own or occupy exclusively; and
(iva) can, and will, be maintained adequately by the parent or parents without recourse to public funds; and
(v) (where an application is made for limited leave to remain with a view to settlement) has limited leave to enter or remain in the United Kingdom; and
(vi) if seeking leave to enter, holds a valid United Kingdom entry clearance for entry in this capacity or, if seeking leave to remain, was admitted with a valid United Kingdom entry clearance for entry in this capacity.
You will need to apply for your child using the form VAF2 and pay equivalent to £260 in Indian money. Please make sure you apply 2 to 3 months before your return to the UK as they may ask you to attend an interview. The time from the initial application to the interview may take up to 2 months.
Here is the link to VAF2
http://www.fco.gov.uk/Files/kfile/VAF2_2003_Eng,0.pdf
IT WOULD BE MUCH BETTER IF YOUR WIFE CAN RETURN TO THE UK TO GIVE BIRTH. IF YOUR BABY IS BORN IN THE UK WHILE YOU HAVE ILR, HE/SHE WILL BE BORN A BRITISH CITIZEN AND CAN HAVE HIS/HER BRITISH PASSPORT BEFORE BOTH OF YOU.
You may wish to review BN4 Para 5 Here is the link
http://www.ind.homeoffice.gov.uk/default.asp?PageId=148
and this chart
http://www.ind.homeoffice.gov.uk/filestore/Chart_A.pdf
Good Luck 
