Thank you jlliagre for reply.
I am bit confused here.
What I guess, swap is used from the disk, so no mattter how big we have it. It's the virtual memory which is simulated from the disk.

PLease correct me if I am wrong, moreover do you think we have to reduce the swap here. Thank you.

Indeed, too large a swap is not a problem however your applications are using more memory than what can fit in the RAM. That means they would likely benefit from an increase in RAM size.
No, either reduce the RAM usage by your applications if doable or increase the RAM size.

Try

vmstat 5 5

The sr coulmn seems to hold normal values .

bash-3.00$ vmstat 5 5 
 kthr      memory            page            disk          faults      cpu
 r b w   swap  free  re  mf pi po fr de sr m0 m1 m2 m3   in   sy   cs us sy id
 0 0 0 3168312 351264 453 2467 9 11 12 0 5  4  4  4  0 4143 26324 8783 5  8 87
 0 0 0 2480544 304608 451 2507 0 0 0  0  0  0  0  0  0 4050 32797 9758 7  9 84
 0 0 0 2446640 306536 342 2233 0 0 0  0  0 19 18 18  0 3923 24769 7633 5  7 88
 0 0 0 2388648 311328 359 2746 0 2 0  0  0  0  0  0  0 4309 24969 8615 5  9 86
 0 0 0 2488416 315232 325 2091 0 2 2  0  0  0  0  0  0 3882 27707 8424 4  8 88

bash-3.00$ vmstat 5 5 
 kthr      memory            page            disk          faults      cpu
 r b w   swap  free  re  mf pi po fr de sr m0 m1 m2 m3   in   sy   cs us sy id
 0 0 0 3168192 351256 453 2467 9 11 12 0 5  4  4  4  0 4143 26326 8783 5  8 87
 0 0 0 2511488 337496 522 2940 38 0 0 0  0  1  1  1  0 4050 37562 8630 6  9 86
 2 0 0 2391296 337928 333 2497 0 2 0  0  0  0  0  0  0 4215 24412 8440 4  9 87
 0 0 0 2511944 337712 535 2544 0 2 2  0  0  0  0  0  0 4060 32147 9325 6  9 85
 0 0 0 2514160 338936 326 2293 0 0 0  0  0 19 18 18  0 4068 28599 8713 6  8 85

In the first line, the sr columns is not null so that means you had some RAM shortage in the past. There is no way to tell how important it was from this value as it is an average since last reboot.

There is currently no memory pressure. That means some of the allocated and used memory is not accessed and is just dormant in the swap area.

Thx jlliagre for all the assistance and suggestions.