I have connected the GPS module with Arduino board, however, when I open the serial monitor, it shows a lot of empty fields and zeros. Is the GPS module faulty?
It shows this :
$GPGSA,A,1,,,,,,,,,,,,,,,*1E
$GPRMC,000053.799,V,,,,,0.00,0.00,060180,,,N*43
$GPVTG,0.00,T,,M,0.00,N,0.00,K,N*32
$GPGGA,000054.799,,,,,0,0,,,M,,M,,*4E
$GPGSA,A,1,,,,,,,,,,,,,,,*1E
$GPRMC,000054.799,V,,,,,0.00,0.00,060180,,,N*44
$GPVTG,0.00,T,,M,0.00,N,0.00,K,N*32
$GPGGA,000055.799,,,,,0,0,,,M,,M,,*4F
$GPGSA,A,1,,,,,,,,,,,,,,,*1E
All this means is that your GPS doesn't have a fix yet.
A cold start on a GPS can take several minutes (like, up to 7 or so) to get its initial fix. Make sure the antenna is out in the open with a clear view of the sky.
Also, obviously, if your GPS unit has an external antenna, make sure it's connected properly. Those small coaxial connectors break easily!