In a word - YES!
This is so much softer! I know you had trouble photographing your drawing, so that probably contributed to the much higher contrasts in the first version. In addition, the white highlights didn't bother me at all originally, but I have to admit that these softer highlights suit the subject matter much better. The second most drastic change for me are the ears - especially the baby's ear. It changes his whole countenance and I like it much better too.
Finally, I like the way you pushed back the mother's right cheek and eye, and softened (or eliminated ?) the mother's right shoulder. I love the effect it gives - they both appear to blend into the shadows now.
Overall Kiran, you captured a classic moment between mother and child that everyone can relate to! I feel like I should whisper when I'm looking at your drawing so as not to wake little Arnav!