Sudhakar, The best way to work with a master schedule that has subprojects is by buying an add-in to manage these cross-project dependencies. At ProjectPro, we have developed an add-in, called CrossLinksPro, that can handle many hundreds (even thousands) of cross-project links, which is too hard to do with Microsoft Project by itself. Please, send me an email at EricU AT ProjectProCorp.com if you would like to see a demo or you can go to: https://projectprocorp.com/collections/software/products/crosslinkspro
There are other tools available as well from companies like Campana & Schott in Europe or Matan in Israel. I encourage you to explore them!