Parents have Canadian PR status.
My spouse is planning to deliver baby in India.
Do I need to sponsor new baby for moving baby to Canada?
What is the process to sponsor?
Does baby achieve PR status on sponsorship?
Canada has an extensive guide explaining the process, along with an even more detailed guide.
Do I need to sponsor new baby for moving baby to Canada?
Yes, it appears that you do.
What is the process to sponsor?
The shorter guide's outline lists the following sections:
Before you start
Get your application package
Fill out your forms
Gather your documents
Check for common mistakes
Pay your fees
Submit your application
What to expect after you submit the application
Appendix A - Key definitions
Appendix B - Photo specifications
Appendix C – "X" in the sex field on an immigration document
You also ask
Does baby achieve PR status on sponsorship?
If the sponsorship application is successful, the baby will receive a permanent resident visa. I believe the baby needs to travel to Canada before the visa expires in order to become a permanent resident, but I am not certain of that.