Yes, definitely it is worth doing CMA in India (assuming CMA India you are referring to)

CMA has a varied skills across many fields such as Costing, management accounting, audit, taxation, corporate law.

If you are looking for an employment some MNC treat CMA on par with CA as regards with the package. CMAs are generally recruited as controller, analyst… roles.

If you are looking up for a practice the recent developments may help you in practice such as GST audit,cost audit (old and exclusive). Even institute has approached Finance Ministry for Inclusion of CMA professionals for eligibility of tax audit under DTC code.

My final take is if you are looking to settle immediately in your life go for CMA or if you can wait you can opt for CA as articleship is compulsory under CA.

PS. The above is my personal opinion.