@DucatiKiller sorry for being so late; this is a reply to your comment.
I wouldn't say I have resolved the issue, but yeah, I have improved the condition.
I think the major problem solver in my case is diligent changing of the Engine oil.
As far as my bike is concerned, for Bajaj Pulsar 220F (2014 Edition), the only recommended oils are Motul 5100 and Motul 3100. I have been changing them every 1500 Kms; but it's worth it.
Next major help for me came from using higher octane petrol.
In India there are two versions of fuel available . The costlier fuel is obviously has high octane value. After keeping a check on my fuel I have noticed that the engine runs smoother at higher .
The issue of gears getting stuck while shifting, very typical with this make, was tackled quite a lot.
There was debris was stuck in the gear box. This was due to a completely exposed drive chain.
Last but not the least regular air filter wash, carburettor cleaning and other bike model specific issues like fairing adjustment, frequent adjustment of rear wheel allignment and front socker oil seal checking/ replacement.
When I had posted the issue, my bike was doing about 18500. Thereafter I started following the above and now the odometer reads 23098. There has been an improvement in pickup, mileage and over all engine smoothness.