I wanted to know
Python is suited for what kind of applications? 
I am new to Python world but I know it's a scripting language like Perl but I was not sure about the kind of applications which one would build using Python and would certainly appreciate if someone can provide some useful information.
Well, the short answer is, since you mentioned Perl, anything you could build in Perl you could build in Python.  You can build anything in any language, and if the language has easy C bindings, you could even do it efficiently.  
Now, this being the case, the question becomes somewhat philosophical.  Python has as a key tenet "There should only be one way to do it".  Perl is exactly the opposite.  The key tenet of Perl is "There Is More Than One Way To Do It" (TIMTOWTDI) or ( Tim Toady, to his frineds ;) )   How do you like to do things?  One clear and shining path, agreed upon by most? Or perhaps you value the almost infinite number of solution paths that any task has in Perl? 
So, assuming that your task is I/O bound ( like most things ) rather than CPU bound ( real time programming or games , or nipple crinkling number crunching ) then Python would be suitable.  Whether its philosophy suits you is the key question.
What kind of applications are built using Python?