Dear Eric,
Thanks for the suggestions. It was a problem with UDC controller driver. I have enabled chip idea hdr controller driver in kernel
Now the g_mass_storage works fine
root@imx6qsabrelite:/# insmod g_mass_storage.ko file=/dev/mtdblock5
calling msg_init+0x0/0x1c [g_mass_storage] @ 421
g_mass_storage gadget: Mass Storage Function, version: 2009/09/11
g_mass_storage gadget: Number of LUNs=1
lun0: LUN: file: /dev/mtdblock5
g_mass_storage gadget: Mass Storage Gadget, version: 2009/09/11
g_mass_storage gadget: userspace failed to provide iSerialNumber
g_mass_storage gadget: g_mass_storage ready
initcall msg_init+0x0/0x1c [g_mass_storage] returned 0 after 30566 usecs
root@imx6qsabrelite:/# g_mass_storage gadget: high-speed config #1: Linux File-Backed Storage
root@imx6qsabrelite:/# g_mass_storage gadget: high-speed config #1: Linux File-Backed Storage