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After rooting the phone, wanted to move the applications to the SD card. The best possible way is to the link2sd app. For this to work properly, you need to create a secondary partition in the SD card. Looks like Android unmounts the first partition of the sdcard, when you try to access the sd card connecting your phone to the computer. By creating a second partition, we make sure we can access the apps all time. There are tools to create the partition in windows like minitool. I used fdisk in GNU/Linux and partitioned the sdcard. Installed link2sd and moved most of the apps to the sdcard. Check these out - http://tutorialfor-android.blogspot.in/2012/06/link2sd-complete-tutorial.html & http://www.xperiablog.net/2011/12/12/link2sd-guide-never-worry-about-internal-memory-limits-again/
Now all i have to think about is the next app to download!!!