I got this working after referring to Gautam Gupta's blog: http://gaut.am/making-an-ocr-android-app-using-tesseract/
The problem was that language files were missing and I manually placed them in phone sdcard. Following are the lines of code:
TessBaseAPI baseApi = new TessBaseAPI();
baseApi.init("/mnt/sdcard/tesseract", "eng");
baseApi.setImage(ReadFile.readBitmap(charscropped));
String capturedChars = baseApi.getUTF8Text();