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Good Afternoon Sudheer,
There is almost certainly a way to reduce the refresh time. Unfortunately, there isn't enough information present here to accurately diagnose the primary causes of the problem.
Remember these simple rules:
"Are you using a live datasource connection or a Tableau Data Extract?" - If you are using a live datasource, what would be the problem prohibiting using a TDE? TDEs are almost always faster.
If you must use a live datasource:
"Tableau is only as fast as the query from the datasource." - If you have to use a live data source, can you isolate the query causing the problem and run it externally in something such as SQL workbench to determine if the delay isn't actually occurring in the datasource? Here is a blog post describing how to use the log file to find and test these queries: Identifying Tableau query performance issues through the log files | Tableau and Behold!
Lastly, read this document. Once you've finished it, read it again. Probably the most important documentation for a Tableau Analyst or Admin (IMHO).
Best Practices for Designing Efficient Workbooks