Yes, it is not only recognized in India but almost all over the world. As per the latest Gazette of Government of India all the graduates of foreign medical institutions are required to clear screening test to be conducted twice a year (last Saturday/Sunday of September and last Saturday/Sunday of March) by National Board of Examination to get registered by the Medical Council of India. If a graduate does not returns back to India and wishes to work in other foreign country like USA, England or Europe then he is not supposed to give this screening test, but he has to follow the rules of that particular country.