Nitesh,
please let me share with you my vision regarding PMP.
First of all, you need to understand that this is just a certification. It is something like certification exams for programmers. If you are proficient in ASP.NET, you, probably, will learn ASP firstly, then you will try to use ASP in your work in order to get some experience, and after that you, possibly, will think: "Am I ready for Microsoft Test to prove my knowledge in ASP.NET?". Thus, according to my perspective, you should pass PMP when you already have some experience in project management and practiced PMBoK, for example. After that you can try to start working on preparing for PMP to get the certificate.
In short, my point is that the fact that you have the PMP certificate shows other people that you can speak the same language (the same "project management language") with them.
So my advice for you is that you should get a Project Manager position, maybe in the company you are currently working in. As soon as you understand what PM job is about, you will decide for yourself if you should or should not pass the exam. Also, in parallel, you can make some research regarding the experience of the people who already have passed PMP in order to understand the difficulties and the goals why they did this.
Finally, you will need to formulate the goal why you need to pass this exam for yourself.
Hope this helped.
Regards,