Hi Sudhakar,
I started this as a new thread.
Are you looking at the *.elf file size? Or are you opening and reviewing the *.map file?
The *.elf size can be very large but that doesn't correlate to the actual flash image size. The GCC tools are very verbose with debugger information that makes the *.elf file size very large as compared to proprietary compilers (IAR/Keil/etc).
Regards,
David