Yeah! The degree will be treated as the normal one. For Government exams the eligibility mentions that 'passed from a recognized university'. So NSOU is registered and there will no problem regarding it but as you now to get a Government service you have to study hard to pass the exams.

You can get higher grade jobs in Government as per the exam you qualify. If you qualify UPSC you will be a 'Grade A gazetted officer' , if you crack CGL , you will be a 'Grade B or C Non- Gazetted officer' and so on.

In private sectors you may get editorial jobs or journalism career depending on the company you are opting for. It's entirely on the companies will , what you will get.

I hope my answer helps. All the very best for your future endeavors!