Shivani,
I gave PHR exam while I was in USA in 2005. I agree that US federal laws may be irrelevant for Corporate India, however this is just one topic out of 6 topics that one has to clear to be a certified professional. Also the multiple choice questions test the psychology of candidates to deal in different situations, they focus more on theoretical and operation aspect of HR.
As I mentioned before certification does not guarantee a job; but it increases one’s professional confidence and set you apart from peers.
I gave 3 weeks time to do the preparation for PHR certification and I used SHRM study material. SHRM has a text book (with a CD) for doing the preparation of PHR that costs around $40.
I hope this helps. Let me know if you need further information, I can be reached at [Login to view]
Good Luck
Rahul