1. A method for rectifying a typographical error in a text file, the method comprising: generating a linguistic network of a plurality of words present in the text file, wherein each pair of words of the plurality of words in the linguistic network is interconnected via an edge; computing similarity between each pair of words based on a set of parameters associated with words of each pair, wherein the set of parameters comprises distance between the words, phonetic similarity between the words, consonant skeleton distance, presence of the words in lexicon, morphological root form of the words, frequency of the words in the text file, probability of occurrence of the words in the context, domain similarity of the words, and a flag associated to similar starting character of the words; assigning a weight to the edge present between the each pair of words based on the set of parameters; categorizing one or more words present in the linguistic network in a category, wherein the one or more words are categorized based on the weight assigned to each edge connecting the each pair of words of the one or more words; identifying a reference word for each word which is deemed to have the typographical error from the category; and substituting each word of the category, having the typographical error, with the reference word corresponding to the word having typographical error in the text file for rectifying the typographical error, wherein the generating, the computing, the assigning, the categorizing, the identifying and the substituting are performed by a processor using programmed instructions stored in a memory.