Shyam -
I can really appreciate your goals and it seems you're asking the right questions. However you are getting quite a lot of disparate advice, so listen to everyone and keep your own counsel.
I was in your position almost exactly 4 years ago. Just under three years after my first lesson I started getting paid to fly; sitting up front in a turbine powered aircraft with less than 900 hrs and no CFI ratings. (I only have Comm, Instrument, Multi.) Fast forward another year and I'm salaried in a Corporate owned King Air 350, two trips to SimCom and Flight Safety under my belt and an SIC type rating. By the way, I'm also debt free and currently making more money than a 10 year F.O. in the airlines. Once I hit 1500 hrs the company will pay for my combined Type Rating and ATP in the King Air.
I did this by paying cash for all of my training, renting the cheapest airplanes I could find to build time, hanging around three different airports, getting to know people and offering to fly with them until I was skilled enough to realistically offer my services as a paid contract pilot/co-pilot. Started flying for guys in piston singles, which led to turbine singles, which led to turbine multi....you can see the logical progression.
This business is all about networking, reputation and work ethic. Be nice, get to know everyone you can, listen more than you talk and take every opportunity to do any aviation related odd-job you can. When you do get the occasional odd job, do it better than the next guy and you'll get more jobs.
Right now, when I'm hanging around the airport, I feel like the luckiest guy alive while inside I'm laughing at the airline hopefuls paying off their 6-digit loans by giving endless discovery flights in between trips to the grocery store for Ramen Noodles. But I am always really nice to them and happily give them our leftover catering and always seek one out if I hear of a right-seat trip opening. Oddly though...rarely do those guys take me up on the right seat gig because they feel it's beneath them to sit up front in a Pilatus because it's not a shiny jet...go figure.
Now go out to the airport, take your books to study, meet everyone you can and learn something new everyday.