Hello Girish, here are the answers to your questions.
1) I am already done with trying social networks such as twitter, reditt, digg , stumble upon etc etc.
- this increase my bounce rate and its just instantaneous and doesn't last long. - never I had crossed 400 users per day limit.
Answer - Submissions to social networks does help you in the long run because most of these websites will give you a backlink and thats helpful. Try to submit only some posts regularly till your blog reaches a good level.
2) I tried blog directory submissions
- this doesn't give much result, what your experience ?
Answer - Directory Submissions is a good idea but you need to make sure you have submitted to a web directory which is itself ranking somewhere and not a web directory which is just full of links and not even regularly indexed.
Check our directories - http://www.gii.in/ , http://www.nobledirectory.com/ , http://directory.seohyd.com/ etc
3) Will Just writing good article would give more visitors and can reach to a level of 1000 + per day (of course after a long time)?
Answer - Yes if you keep writing content and have patience it will for sure pay off, dont think about making money from your website within the first 3-6 months because if the blog gets famous you can make a lot more money after some period. Try to work mainly on the content and keep updating with some information which would be hard to be found anywhere else
4) Is it mandatory to have some paid promotion to achieve that goal ?
There is no such rule, but yes if you find some real good opportunities of advertising which are very less costing and can get you good amount of buzz, it would be recommended. Some ideas would be Advertising in Blogs with very less fees, Sponsoring Contests of other websites and get backlinks & traffic from them.
5) I tried link building, its a waste of time.
- what is your experience.
Answer - Link Building is like second major requirement for any website after the content part hence you need to research a lot and implement this step - http://www.amitbhawani.com/blog/link-building-ideas-for-bloggers-websites/
6) Is there any systematic approach we can have to build the reader base
Answer - Always have goals for everything like by this month end i should have atleast 10 blog subscribers, after 6 months atleast 200 and so on. Even this approach should be done for blog traffic with some targets in the form of numbers to be kept and you should try to achieve them, this way you can find progressive results along which can make you happy and work more seriously.
7) If I grow organically how much time it will take to achieve into that number.
Answer - Check out my blog post on this question - http://www.amitbhawani.com/blog/amitbhawani-blog-history-stats which can tell you that within a year's time my blog started getting success and this is the reason i started focusing more on this blog rather that my other websites. Setup targets, work dedicately, forget initial revenue, plan long term goals and achieve success!