The incident took place at Latkugora on the outskirts of the steel city late last night and the attacker was a neighbour.
The accused, identified by the police as Rajesh Samad, had asked rice beer seller Durga Purty to sell him liquor on loan which was refused as he had not cleared his outstanding dues.
At this a scuffle broke out between the two men and they were separated by a neighbour. But Samad returned along with an accomplice and knocked at Purty's door at around 11 pm.
Both Samad and his accomplice fled after the incident and search is on for them, he added.
The boy was rushed to Tata Main Hospital, where his condition is stated to be out of danger.