Thanks to the pics in this thread and other stuff....today....I finally was able to get the genset started!
The problem was that I did not put the carb together properly after cleaning it out. There is a flat metal washer which goes INSIDE the float bowl...between the solenoid and the float bowl....on the inside which I left out......it is not the copper washer which goes outside the bowl. Hence it was running way too rich...spewing white smoke.
Moment I put the carb together properly....it started right up.
Lesson learnt.......take pictures when disassembling complicated stuff like carbs.