Page in Indian paper (5)
I believe the answer is:
crepe
'paper' is the definition.
(crepe paper is a kind of paper)
'page in indian' is the wordplay.
'page' becomes 'p'.
'in' is an insertion indicator.
'indian' becomes 'cree' (Cree is an example).
'p' inserted inside 'cree' is 'CREPE'.
(Other definitions for crepe that I've seen before include "Thin twenty four Ac" , "White fat" , "Light wrinkled fabric" , "Light fabric; pancake" , "sole?" .)