Do we have any option to change the "Type" mentioned in the image

Hello @NSS 

You can try solution described in an article CS7287

Trouble is that this article is not customer visible. Only PTC can change the visibility of the case.

In the Article you can download class(ChangeTypeSql and ChangeTypeSqlRW) to run windchill shell command which generates SQL command to change a Type definition in DB directly.

Also there is another way. Use a wt.epm.util.SoftTypeChangeUtility

wt.epm.util.SoftTypeChangeUtility Help

I've never used second option but it is possible.

Best Regards

PetrH