@mritunjay4code In FME 2021.2 (and any of the recent versions of FME), you'll be required to provide a dataset path if you're running your workspace with a Reader/Writer. If you want to workaround this you could disable your Reader by right-clicking it if you don't need it to run.
Alternatively, you could use a FeatureReader set to the Schema Reader format. You will need to change the following setting in your Navigator window to prevent your workspace from stopping when you run it without a Schema dataset selected:
Workspace Parameters > Translation > Rejected Feature Handling > Continue Translation
Hope this helps!
@danminneyatsaf Rejected Feature Handling was already set to 'Continue Translation' in my case. But I turned ON the "Ignore Failed Readers" option to "Yes", luckily it worked for me.
Thanks for the prompt response