Anuj,
Frankly, I am not an expert to guide. But what I can do is share my experiences, thoughts...
Lets split the learning process into 3 classes:
1. Knowledge of raagas:
This involves attempts to learn as much as possible about raagas in general. What are the swars? What is the vaadi / samvaadi swar? Other specifics about the raag... also learning further like what are shrutis, etc. This does not necessarily involve bansuri. it's just simple learning. I have been referring to internet for this. a good website is:
http://swarganga.org
2. Practice:
This is most crucial. It can start simple with Sa,Re,Ga...Ni,Sa. Each note must come out as good as possible (without any airy, hissing sound). For example, take a raag, like raag Bhupali, learn what are the notes involved and start practising those notes (aaroh, avroh) in madhya and then eventually in taar saptak. On this website itself, there's a nice page
http://www.knowyourraga.com/bansuri/lessons/
that talks about learning to play bansuri...
3. Fun with learning:
This is kind of informal learning... For me, it's easier to remember simple songs rather than the raaga played. So, for example, choose a raag (which is simpler comparatively to other raags) e.g. bhupali, then search on net for songs that are played in this raag, choose a song you like and try playing it (swarganga website has a good list). This can be fun, but one must make sure, one learns and tries to put in main features of the raag, even though the real song may miss some of those....
Using above 3 step approach, divide your time, dedicate time to each step and soon one should be better bansuri player in time....