Hello @kartik,
If you're serializing just because you have to serialize for the implementation's sake (who cares if you serialize for an HTTPSession, for instance...if it's stored or not, you probably don't care about de-serializing a form object), then you can ignore this.
If you're actually using serialization, it only matters if you plan on storing and retrieving objects using serialization directly. The serialVersionUID represents your class version, and you should increment it if the current version of your class is not backwards compatible with its previous version.
Most of the time, you will probably not use serialization directly. If this is the case, generate a default SerialVersionUID by clicking the quick fix option and don't worry about it.
Hope it helps!!
Thank you!!