1. A method for generating a Network on Chip (NoC), comprising: executing a first process directed to derivation of arrival and departure characteristics of at least one buffer associated with the NoC; executing a second process directed to derivation of at least one buffer depth of the at least one buffer based on the arrival and the departure characteristics and further based on one or more characteristics of the NoC; and generating the NoC based on the at least one buffer depth; wherein the first process is machine learning based process configured to determine arrival rate of packets and drain rate of packets based on an arbitration process of the NoC.