Sandeep, did you check that when you set for TDC that it wa sactually TDC on the compression stroke ? It sounds silly ,but some people have set the TDC for the exhaust stroke by accident. Worth a check if you have not done valves a few times
P.S my 2332 with 48idfs is a bit slow to start. i have to pump it and it fires and then stops. I do it again and again and it slowly comes to life. Once alive you can start it and stop it,
You have fuel and spark the two things you need. I would try setting your timing at 8 degrees BTC and check what I suggested before. It sounds like you need to compress that mixture !. It wont happen if it has been accidentally set for OPEN at TDC. Good luck!