The issue was resolved by changing the following parameters
work_mem changed from 4mb to 50 mb
random_Page_size changed to 1 from 4
max_wal_size reduced to 128 mb from 2 gb
cpu_index_tuple_cost to 0.003
Also changed the following as suggested by @Gerad H.pille
max_parallel__Workers_per_Gather
max_parallel_maintainence_workers