1. A method for managing threads within an application, the method comprising: assigning, by a thread management computing device, a task to a current task queue based on one or more matching category when the new task is received within an application for execution; determining, by the thread management computing device, availability of one or more existing idle threads within one or more thread groups required for the execution of the received task within the application based on one or more utilization parameters, wherein each of the one or more thread groups is associated with one or more task queues and wherein the current task queue is one of the one or more task queues; creating, by the thread management computing device, one or more new threads to allocate for execution of the task when the existing one or more idle threads are determined to be unavailable in the one or more thread groups within the application ; allocating, by the thread management computing device, the one or more of the new threads to the task when the existing one or more idle threads are determined to be unavailable; and executing, by the thread management computing device, the task using the allocated one or more of the new threads.