The biggest problem with hiring experienced people for software development positions is the broad range of what falls under "software development". It's a very big field, and I think the breadth of the field isn't well appreciated by people working outside it -- including, particularly but not exclusively at large organizations, management and HR.
A good accrediting body might do a lot as a way of ensuring a baseline level of competence for new CS grads, and in particular it might help people coming from schools that are good, but not one of the "big names", by showing that their education is up to a consistent standard. I don't know if it would do much for hiring more experienced candidates, though. Too much hinges on evaluating the experience that's being claimed since graduation.
In these cases you really have to make sure you're hiring people with real potential as programmers, and that's easier said than done. Even after 20 years as a hiring manager I still get tons of false negatives and false positives.
Beyond that I think India imposes at least one big cultural landmine which is that subordinates are extremely reluctant to ever deliver any bad news. Effective management requires asking probing questions and reading between the lines, not something that every western manager has great experience or talent with.