Yes, that's right. So, assuming you're an Indian national you would be better off getting the licence which is recognised in India or, if you go and get another country's licence, you need to consider the cost of licence conversion.
Aviation licences are not internationally recognised. I have a JAA licence; I cannot fly commercially in the USA or Australia without converting my licence to FAA or CASA (and getting a work permit!). Not all ICAO licences are valid in each ICAO country.
Cheers
Whirls