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According to the specs, only the 64 bit version of Windows 7 is supported. You need to have more than 4 GB of ram in the pc to be assured that it is 64 bits.
It's my 64-bit Windows 7 and 4GB Ram.
But anyway, I have resolved the issue. After posting the thread here, I started searching online and came across
this useful guide. The tasks which I have done, first I run the program install and uninstall troubleshooter. After doing the tasks properly, the problem got solved. Now I have no longer any issues while installing this and working on it.