So basically, it's kind of a weird solution I figured out, but yet an interesting one.
As I mentioned, the microphone was working properly on the other app I use i.e. Zoom, and members in the meeting had no problem hearing me.
And the solution to the problem was linked to a setting in the Zoom app i.e. when in a meeting you can adjust the input level of your microphone. Strangely the setting for the microphone input level (in zoom) applied to the Google Meet microphone input level too.
So, the last input level of your microphone in Zoom also applied to the Google Meet, no matter if you've left the Zoom meeting.
After readjusting the microphone input level, in the Zoom app (by scheduling an instant meeting), I could make myself audible to other members on Google Meet, itself. Weird, but that worked. I crossed checked too.