How can I increase the pace of my runs?

Hey Varun! The increase of pace comes gradually. In a long run, do not start off quick and then slow down later. Run at a comfortable pace from the beginning it self and try to maintain this speed for a long run. Once your body is comfortable with a particular pace for long runs, you can try to increase it gradually (like 5-10% increase) each month.

Try this: When you are running, try to run at a high speed for 4-5 minutes and then slow down to recover your breath. Do this 4-5 times in your run. This will help you increase your speed.

Varun,
One need to take care of so many things to increase the PACE....whatever said above is true at the same time i would like to add couple of important subjcet to it....
1)Strength training is very crutial
2) Mike i am not very sure one can run at a high speed for 4-5 minutes....rather what i recommend is run at a high speed till you feel you are almost breathless and then stop...once the breathing about to normal start the process again...in a week you should do this only once.
3) cycling really helps to build your endurance and lung capacity in turn that helps for speed and for the longer run.
4) Varun also the point is what is your current speed and what distance you are focusing at that speed...and at any given point of time the right way of increasing is 10% of the either speed or distance more per week.

@varun.....
It is 4.5 months since u posted this.....do u see any difference in ur pace.....it is good enough time to see that change.....i hv improved my timings during same time and am quite satisfied with the results.....pls let me know the progress.....!!!

@anil ... I have been very lazy in the last 4.5 months. First due to the ankle injury and then due to being busy in work. Currently I am struggling to even run once in a week. My first aim now is to get back to the schedule of running atleast 3-4 times a week. Will worry about pace after that.

@varun....oh really....good at least u hv come out of ankle pain....yes for u it is getting back to consistency is very important and then comes the speed....happy consistent running....!!!