I am new to splunk and want to learn the tool, so I need expert advice on what should be the learning path? And link to learning resources would be a great help.
Splunk Documentation is definitely your friend:
The Search Tutorial is a great place to start to cover the basics:
As @richgalloway suggested, the Splunk Education courses will be a good follow up to more specific topics.
Check out the free online courses at http://www.splunk.com/education