It's not an error, but a warning reminding you that you aren't using an encrypted connection, and that the credentials you are using (username and password) could be read from somebody who can intercept the data exchanged between your computer and the server. If you look at the protocol used for the page, you will notice it's http://, not https://.
It's not an error caused from the file/directory permissions.
If you don't have a SSL certificate, just enter username and password that are accepted from the FTP server, and install the modules. The warning is just suggesting that using a secure communication would be preferable.
You could also avoid Drupal prompts for FTP/SSH credentials by setting the owner of the temporary:// directory (and its subdirectories) to the owner of the sites/default directory (which, in your case, I take is akshay).