I want to create a Tabbar application.My basic necessity is that i want the color of tab bar icons to be red instead of the default blue color.(i.e the selected tab icon has
You will have to create your own "tab bar" controller. Unfortunately the "blue" color you are talking about is actually just an alpha level, not a shade of blue.
As nicktmro noted, you have to customize everything.
Check this previous answer: Changing Tint / Background color of UITabBar (check a couple of answers on this one, a later answer fixes problems with the accepted answer)
And this blog post: iPhone TabBar Custom Background Image
ADDED
Here's another one that looks clean and easy:
Custom colors in UITabBar
Be sure to read the comment on the answer.