Hi Rajeev,
I took the IELTS test recently. (Although I am not sure how i performed)
A few tips for you to improve your speed in reading section-
1.If you are taking the IELTS for immigration purpose, I am assuming that this is the General module. Ensure that the practice tests that you are taking are the General Module. I am saying this because, the General test Reading is easier than the academic module.
2. If you are sure that you have been practicing tests in General, and still are unable to complete your tests- then i would advise you to look through common tips in various ielts blogs and books. The most common tip is never to try and understand the passages. The trick is to skim through the passage to know the general outline of each section and then try to match the question with the answer. This should save you some time.
3. Never waste time with any question. if you are unsure of an answer, leave it for the time being and move to the next question. If you have time in the end, you can always return back to the unanswered question.
4. Keep on practicing more and more tests. This is the only thing which would improve your speed.
5. If all alse fails, ensure that you at least guess all the remaining questions in the last 2 minutes. There is no penalty for wrong answers. In case of multiple choice answers remaining, guess the same alphabets for all remaining questions. It saves you the time and statistically you have a better chance of a few right answers if you guess the same alphabet.
All the best to you.