Does PMP - Project Management Professional Credential have any recognition given in the Indian Construction Industry?

Present day constyruction projects are very different from that in the past, because of the following reasons:
technology improvement, competitive markets, lack of skilled work force, high demand and expectation from customers, fund shortage, stringent schedule commitments, do more with less attitudes, project failures etc.
Under this circumstances, over and above core domain knowledge and experience, a PMP - Project Management Professional credential do have a vital role to play in succesful management of Projects in the Construction Industry. But debate is on wheteher PMPs are given any due recoginition in INDIAN Construction Industry?
I am disheartened to say the truth- "NO". As on date PMP credential has just been a value addition or a professional skill developement for an individual as such, where as there hasn't been any due recogniition given to PMPs in the Indian Construction Industry.
There are several reasons for this : Lack of knowledge on PMPs credentials, less emphasis on Project Management skills and its imporatance in attaining project success, lack of effective and practical tranning and education in the field of Construction Project Management.