You can't get a Chinese passport even though you give up your Indian nationality, the qualifications for Chinese Permannent Regulations is very strict, so the chance to get a Chinese passport is slim, you can see the regulations on this website https://www.travelchinaguide.com/embassy/visa/refusal.htm The best way is to get a temporary residence permit in China.

You can get a chinese passport after a legal stay of five years.. Every year you need to stay more than 180 days. You can get a Chinese passport but cannot a Hukou for ever..