Hi Sandip,
I had the same issue when I tried to create the Component based applications. From the index file I had the call to the component but was not able to call any of the Views from the Component.js directly even though I register the module path and define local resources for the view and controllers.
Eventually, I solved the issue by having an app.js file which is called from the index and then the app.js would call the Component.js similar to the approach followed in the UI5 Boilerplate applications written by HP Seitz
UI5 Boilerplate explained (Part 1)
I would like to see / confirm if this is an issue in the framework when application are built out of eclipse.
BR,
Nagarajan.