1. A device for diagnosis of an electronic component of an industrial plant, the device comprising: a plurality of sensors coupled with the electronic component for monitoring a plurality of parameters associated with the electronic component, each sensor configured to generate at least one of an analogue signal and a digital signal upon monitoring of a parameter; a plurality of converters coupled to the plurality of sensors for converting analogue signals generated from the plurality of sensors to digital signals; a processing module coupled with the plurality of converters for determining abnormal parameter conditions based at least on comparing the digital signals to threshold parameter values, each abnormal parameter condition corresponding to a parameter being determined based on comparison of a digital signal associated with the parameter and a threshold parameter value corresponding to the parameter; a memory module coupled with the processing module, the memory configured to store information associated with the abnormal parameter conditions and timestamp information associated with each of the abnormal parameter conditions; and a communication interface configured to provide the information associated with the abnormal parameter conditions to at least one external device for diagnosis of one or more faults in the electronic component, wherein the device is integrated in a hosting module of the electronic component, and wherein the processing module is configured to determine the abnormal parameter conditions associated with the plurality of parameters by: (i) computing a time duration associated with at least one parameter, (ii) counting a number of occurrences of at least one parameter, and (iii) computing a mathematical modeling associated with a parameter based on at least one of the time duration associated with the parameter, the number of occurrences of the parameter and historical information associated with the parameter.