After a lot of R&D, I finally figured out that by tightening or loosening the clutch cable, the clutch free play can be easily adjusted to as to calibrate at what point in the movement of the pedal the clutch will engage. This cable is attached to a nut beneath the car, near the Front Left wheel, and by turning this nut, the cable can be tightened or loosened.
The basic rule is that turning the nut clockwise tightens the cable, and turning it anti-clockwise loosens the cable. The clockwise and anti-clockwise orientation is considered when the nut is looked at from the front side of the car.
If the clutch engages too late, then the cable is too tight. If the clutch engages too early, then the cable is too loose. Accordingly, adjustments can be made.
When an adjustment is made, the free play of the pedal changes, and this can be felt simply by depressing the cable. No need to start the car. Hence, it is best if two people can do this. One can make the adjustments, while the other sits in the car and gives feedback regarding the setting.
Important Caution: This must never be done with the engine on, to prevent bodily injury.
Note: This applies for Cable operated clutch only. For a hydraulic clutch, I don't think this is applicable.