After trial and error, I found the perfect solution to provide Paging to the content created by Field Collection module. This can be done by Views module.
You need to create the View of the your content which you have created using the field collection.
Important Part: In the Views setting as described in the following snapshot in the section of Multiple Field Setting, you need to uncheck the Display all the values in the same row. Because by default it is checked so Views considers your entire content in single row, so pager of views considers it as only one item. But if you uncheck, your each field set considered as single row and so Pager of the Views module will calculate accordingly. Hence unchecking this setting in Views and providing pager in the Views module will solve the issue.
Hope this will help others.