Hi Saurabh,
Have a short look at this overview (coming from ESS HR), how to deal with Launchpad vs. PFCG.
Tips & Recommendations for customizing ESS Menu (WD ABAP)
It gives you a short insight to the topic, how Launchpads are used and which purpose they have. They are also very important when heading towards Fiori Apps (Fiori Launpads is also connected to LPD_CUST).
br,
Peter