Dear Atlanta Brother!
It seems the Indian Constitution does not permit dual citizenship. But the closest we can get to dual citizenship is with this OCI registration.
The 'Overseas Citizen of India' terminology is a misnomer, b.....
We used to have a PIO (Person of Indian Origin) Card that is similar to your NICOP. The PIO card's validity is 15 years. We still have that facility, but I do not know who will prefer the PIO to the new OCI card.
Regards,
We still have PIO card facility. PIO card comes in 3-4 weeks OCI takes up to 120 days so if someone is in hurry of travel or relocation they go for PIO. And later one can apply for OCI by paying fee of $25 when one has PIO card.
In fact I am in that Boat.
Thanks,
-Swadesh