1. A compression system for compression of text data, the compression system comprising: a memory; and a processor coupled to the memory, wherein the processor is configured to execute programmed instructions stored in the memory to: maintain a set of character tables and a cluster table in the memory, wherein each character table stores a set of Unicode characters corresponding to a character class of a set of characters classes, wherein each Unicode character from the character table is assigned with a shortened bit representation, and wherein the cluster table is configured to maintain a set of cluster types and a cluster identifier corresponding to each of the cluster type, wherein each cluster type corresponds to a character class or a valid combination of two or more character classes represented by the set of character tables; accept an input text string comprising a combination of Unicode characters; classify the input text string into a set of clusters based on the set of cluster types in the cluster table, wherein each cluster corresponds to an Unicode character or a valid combination of two or more Unicode characters in the input text string; identify a cluster identifier, from the cluster table, corresponding to each cluster from the set of clusters; identify a shortened bit representation corresponding to each character, in each cluster, from the set of character tables; and generate a compressed text string, corresponding to the input text string, by representing each cluster with a corresponding cluster identifier followed by the shortened bit representation corresponding to each character in the cluster.