Not necessarily, but it means you passed the first hurdle: the immigration officer at the CIO looked through your application , considered it complete, and your NOC is still under the cap. After that, your file will be sent to your local visa office, and they are the ones who give final approval. They may ask for an interview, check your background, call your employers, and generally verify your information. When they are satisfied, they will ask you to undergo a medical examination. Barring any serious medical condition, this is a very good sign that you will be approved. If you pass the medical, they will ask for your passport to stamp the visa, and they will return it to you together with the Certificate of Permanent Residence.
+1 for dis valuable info.. cheers !!