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The issue was resolved by changing the following parameters

• work_mem changed from 4mb to 50 mb
• random_Page_cost 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