Where is the data stored in Bitcoin? Is all the data related with the transaction of bitcoin stored in blockchain or the data stored somewhere in the cloud and they are referenced from blockchain. I have this confusion because if we are storing all the transaction information on blockchain then it will become heavy with time. How it will get managed at storage level (if the data is in blocks). 

The size of each block in bitcoin is 1 MB, is it sufficient to store all the data (of every 10 mins) in the blocks?
The blockchain (at least as far as Bitcoin goes) is a series of transactions, collected in blocks.

This data is stored on each and every full node (pruning aside). There is no cloud based storage as part of the bitcoin network, although third parties host various forms of parsed data in the form of explorers and other such products, some of which may use cloud storage (assuming by "cloud" you are referring to AWS/GCP/similar offerings).

The bitcoin network itself is self sufficient and requires no third party resources. When a new node joins the network, it simply downloads the historical data from other, existing nodes. There is no need for any other form of storage.