Claims:1. A system for enabling OFDM coded transmission and reception, said system comprising a transmitter and a receiver coupled with each other through a transmission channel, wherein said system further comprises: a channel quality estimation module configured to determine quality of the transmission channel between the transmitter and the receiver; and an OFDM redundancy trade-off module configured to determine required redundancy in Orthogonal frequency-division multiplexing (OFDM) scheme based on the determined channel quality, and trade off the redundancy in the OFDM scheme with redundancy in any or a combination of (n,k) block code, power-based network resources, frequency-based network resources, time-based network resources, Peak-to-Average Power Ratio (PAPR)minimizer/reversal, Cyclic Prefix, removal of symbols from OFDM codeword and OFDM codeword decoder, in order to achieve the required transmission redundancy. 2. The system of claim 1, wherein the system further comprises an OFDM codeword size and duration control module configured to trade-off OFDM codeword size and duration based on the required OFDM redundancy for transmission of OFDM codeword. 3. The system of claim 2, wherein the OFDM codeword size and duration control module is further configured to control number of OFDM symbols to be used for transmitting the OFDM codeword such that OFDM codeword decoder successfully decodes the OFDM codeword. 4. The system of claim 2, wherein the OFDM codeword size and duration control module is further configured to remove OFDM symbols required for transmission of the OFDM codeword. 5. The system of claim 2, wherein the OFDM codeword size and duration control module is further configured to reduce duration of the OFDM codeword. 6. The system of claim 1, wherein the system further comprises an OFDM redundancy based error correction moduleconfigured to use the redundancy in the OFDM scheme for error correction. 7. The system of claim 1, wherein the redundancy in the OFDM scheme is determined from IFFT matrix and FFT matrix. 8. The system of claim 1, wherein the trade-off between the redundancy in the OFDM scheme with the redundancy in (n,k) block code reduces “n”. 9. The system of claim 1, wherein the trade-off between the redundancy in the OFDM scheme with the redundancy in Cyclic Prefix enables size of the Cyclic Prefix to be any of reduced or increased or enabled or disabled. 10. A redundancy controller operatively coupled to a transmitter and to a receiver, said redundancy controller comprising: a channel quality estimation module configured to determine quality of transmission channel between the transmitter and the receiver; and an OFDM redundancy trade-off module configured to determine required redundancy in Orthogonal frequency-division multiplexing (OFDM) scheme based on the determined channel quality, and trade off the redundancy in the OFDM scheme with redundancy in any or a combination of (n,k) block code, power-based network resources, frequency-based network resources, time-based network resources, Peak-to-Average Power Ratio (PAPR)minimizer/reversal, Cyclic Prefix, removal of symbols from OFDM codeword and OFDM codeword decoder, in order to achieve the required transmission redundancy. 11. The controller of claim 10, wherein the controller further comprises an OFDM codeword size and duration control module configured to trade-off OFDM codeword size and duration based on the required OFDM redundancy for transmission of OFDM codeword. 12. The controller of claim 11, wherein the OFDM codeword size and duration control module is further configured to control number of OFDM symbols to be used for transmitting the OFDM codeword such that OFDM codeword decoder successfully decodes the OFDM codeword. 13. The controller of claim 11, wherein the OFDM codeword size and duration control module is further configured to remove OFDM symbols required for transmission of the OFDM codeword. 14. The controller of claim 11, wherein the OFDM codeword size and duration control module is further configured to reduce duration of the OFDM codeword. 15. The controller of claim 10, wherein the controller further comprises an OFDM redundancy based error correction module configured to use the redundancy in the OFDM scheme for error correction. 16. The controller of claim 10, wherein the redundancy in the OFDM scheme is determined from IFFT matrix and FFT matrix. 17. The controller of claim 10, wherein the trade-off between the redundancy in the OFDM scheme with the redundancy in (n,k) block code reduces “n”. 18. A method for enabling OFDM coded transmission and reception, said method comprising the steps of: determining, at a controller, quality of transmission channel between a transmitter and a receiver; and determining, at the controller, required redundancy in Orthogonal frequency-division multiplexing (OFDM) scheme based on the determined channel quality; and trading-off, at the controller, the redundancy in the OFDM scheme with redundancy in any or a combination of (n,k) block code, power-based network resources, frequency-based network resources, time-based network resources, Peak-to-Average Power Ratio (PAPR) minimizer/reversal, Cyclic Prefix, removal of symbols from OFDM codeword and OFDM codeword decoder, in order to achieve the required transmission redundancy. , Description:TECHNICAL FIELD The present disclosure relates to the field of orthogonal frequency division multiplexing (OFDM) coded transmission. More particularly, the present disclosure relates to a system and method for using redundancy available in OFDM scheme for optimal communication and spectral efficiency. Redundancy BACKGROUND Background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art. Transmission and storage of digital information have much in common. Both processes transfer data from an information source to a destination. FIG. 1 illustrates exemplary functional blocks of a communication system. Similar blocks may be used for storage system. On transmitter side, information source102, which can be either a person or a machine, for example, a digital computer, or a data terminal, can generate message or data that needs to be sent across a network to a destination 120, wherein the destination 120, also referred interchangeably as receiver, can be configured to receive either a continuous waveform or a sequence of discrete symbols. On transmitter, a source encoder104 transforms a source output, which can be a message or data generated by the source 102, into a sequence of binary digits (bits) called the information sequence. In case the source 102 is producing a continuous signal, an analog-to-digital (A/D) converter can be placed before the source encoder 104. The source encoder 104 is ideally designed so that (1) the number of bits per unit time required to represent the source output is minimized, and (2) the source output can be unambiguously reconstructed from the received information sequence. On transmitter side, a channel encoder106 can be provided to transform the information sequence into a discrete encoded sequence called a codeword. In most instances, encoded sequence is also a binary sequence, although in some applications non-binary codes have been used. The channel encoder 106 needs to be designed in an efficient manner so as to combat the possible noisy environment in which the codewords are generally transmitted. As we know, discrete symbols are not suitable for transmission over a physical channel or recording on a digital storage medium. A modulator108 can be used to transform each output symbol of the channel encoder 106 into a waveform of duration T seconds that is suitable for transmission. This waveform enters the channel110 that may have some noise 112. Typical transmission channels 112 include telephone lines, mobile cellular telephony, high-frequency radio, telemetry, microwave and satellite links, optical fiber cables, and so on. Each of these example channels is subject to various types of noise disturbances. On a telephone line and a mobile cellular telephony, the disturbance may come from switching impulse noise, thermal noise, or crosstalk from other lines. Radio elements (e.g. Mobile Phone and Base Station) of mobile cellular telephony will additionally have other disturbances such as Rayleigh fading and Doppler shift. Orthogonal frequency-division multiplexing (OFDM) is one of the best methods for transmitting digital data on multiple carrier frequencies. A large number of closely spaced orthogonal sub-carrier signals are used to carry data on several parallel data streams or channels. Each sub-carrier can be modulated with a conventional modulation scheme (such as quadrature amplitude modulation or phase-shift keying) at a low symbol rate, maintaining total data rates similar to conventional single-carrier modulation schemes in the same bandwidth. The OFDM scheme can be used in various applications such as digital television and audio broadcasting, DSL Internet access, wireless networks, power-line networks, and 4G mobile communications. OFDM provides promising approach for transmitting digital symbols through a dispersive channel. It has already been adopted for Digital Video Broadcast (DVB) in Europe, WLAN standards like IEEE 802.11a and 802.11g, 4G and 5G digital cellular communication. The primary advantage of OFDM over single-carrier schemes is its ability to cope with severe channel conditions (for example, attenuation of high frequencies in a long copper wire, narrowband interference and frequency-selective fading due to multipath) without complex equalization filters. On receiver side, a demodulator114 processes each received waveform of duration T, and produces either a discrete (quantized) or a continuous (unquantized) output. The sequence of demodulator outputs corresponding to the encoded sequence is referred as received sequence. A channel decoder 116 can transform the received sequence into a binary sequence called the estimated information sequence. The decoding strategy is based on the rules of channel encoding and the noise characteristics of the channel (or storage medium). Ideally, the estimated information sequence will be a replica of the information sequence, although noise may cause some decoding errors. A source decoder118 transforms the estimated information sequence into an estimate of the source output and delivers to the destination 120. In a well-designed communication system, the estimated information sequence can be a faithful reproduction of the source output except when the channel (or storage medium) is very noisy. Different types of codes, such as block code, convolution code, etc., are used by the encoders. It an object of any communication mechanism to minimize the number of bits per unit time required to create information sequence, which is binary representation of source data that can be transmitted by a transmitter so that a receiver can reconstruct the source data by performing error correction. Redundancies are introduced in communication systems so as to improve error correction capabilities of the communication system at receiver side. As one may appreciate the error correction capability of any communication system is directly proposal to the redundancy introduced by the transmitter. On transmitter side, redundant bits are added at different stage to each message to form a codeword, which can be received at the receiver side and reconstructed by the receiver, even if some error due to channel noise has been introduced in the codeword. These redundant bits provide the code with the capability of combating the channel noise or disturbances. For example, an encoder using block code divides the information sequence into message blocks of k information bits (symbols) each. A message block is represented by the binary k-tuple u=(u_0,u_1,…,u_(k-1)), called a message. (In block coding, the symbol uis used to denote a k-bit message rather than the entire information sequence). There are a total of 2^k different possible messages. The encoder transforms each message uindependently into an n-tuple C=(c_0,c_1,…,c_(n-1)) of discrete symbols, called a codeword. (In block coding, the symbol C is used to denote an n-symbol block rather than the entire encoded sequence.) Therefore, corresponding to the 2^k different possible messages, there are 2^k different possible codewords at the encoder output. This set of 2^k codewords of length n is called an (n,k) block code. A ratio R=k/ncalled the code rate can be interpreted as the number of information bits entering the encoder per transmitted symbol. Because the n-symbol output codeword depends only on the corresponding k-bit input message, it is apparent that each message is encoded independently. In a binary code, each codeword C is also binary. Hence, for a binary code to be useful, that is, to have a different codeword assigned to each message, k=n, or R=1. When k