Hi Gaurang,
You could try to deploy the project directly to the development server (without activation) through NWDS and check if you still have the issue after deployment. If yes, maybe you have to setup, configure and activate the ABAP service endpoint on SOAMANAGER in the ABAP system.
Check the following documentation, it might help: http://docencia.etsit.urjc.es/moodle/file.php/92/DocumentosAdicionales/SAP-NetWeaver.pdf
Best regards,
David.