Hi Ayushi,

IGNOU courses are definitely recognised by the UGC and other educational bodies like the Medical Council, AICTE. They are considered valid if you apply for any higher studies course at a regular college after doing one from IGNOU.  They are also recognised for government jobs, entrance examinations like NET, and even accepted abroad. 

You may face some discrimination in the corporate world if majority of your education is done from the open( Eg. Both undergraduate and postgraduate) However, officially it is at par with any regular course.

Hope this helps.