My Goal is if user is submitting this form with \"Product Name\" value as \"YYY\". On submit page should reload but this time \"Product Name\" should show previous valye as
Not sure if this would work for you, but you could try adding the #default_value
key to the form array
$form['productname'] = array (
'#type' => 'textfield',
'#title' => t('Product Name'),
'#required' => TRUE,
'#size' => '20',
'#default_value' => variable_get('productname', ''),
);
That way if the variable is set it will grab whatever it is, but if not you can use a default value.