MajorGrom made some excellent points. I'll add to them.
1. You use a lot of compound sentences and passive voice. Switch to active voice when you can, and split it into smaller paragraphs. Keep it crisp, and to the point. Use terms that North Americans can understand. (For example: you talk about going back to your native, during COVID? People outside of India, will not understand the context. You needed to mention you were working in a different city, away from your hometown and family. Those are important points)
2. You've a sizeable number of backlogs. Acknowledge them and explain how you worked to get past them. I know you described your family situation at the time, which is understandable. Add to it, proof that you will work hard to complete your degree (without failing) if you're given the chance to study in Canada.
3. UCW is unfortunately in the list of universities, which tend to offer International Students admissions quite easily. You need to be sure about the classes you're taking and the opportunities the university offers. Try to talk to alumni of the university, to find out how the classes were, the professors were, and whether they helped students with career assistance and job fairs. If the university doesn't do any of them, then claiming it is "world-renowned" isn't going to help your case. IRCC officers already know the reputation of the universities. Don't talk about the university. Talk about what you're going to do with the opportunity. Talk about the city the university is based in (Vancouver) and the things you want to do, in the 2 years you'll be studying there.
4. It is true that Indian academics are heavily theory oriented. That was a valid point you mentioned in your SOP. Build on it, provide examples of practical stuff you never got to do in your under-graduation. Compare it to similar MBA programs in India, which don't offer practical opportunities, and show how/why UCW gives you that opportunity.
5. Be specific about your work experience. Why did you switch jobs? Why did you work at 2 places in 18 months? You could've had your reasons, but them not giving you a relieving letter, isn't a strong one. Talk about any opportunity changes you got. Was the job at Company 2, better than Company 1? Better growth? Show that you switched to climb the professional ladder.
6. COVID hit everyone hard. It is ok to say that you lost your job in the interim. Explain what you did in that period of unemployment clearly. Using fancy language to beat around the bush doesn't help. (Eg: "polish my skill set as a developer and increase my competency", to paraphrase your SOP. What were those skill sets? What did you do to polish them? How did you increase your competency?)
7. Were you ever on the managerial track at any of the jobs you worked at? Did you manage a team, or mentor an intern? Showing that you were on track to be a manager, or have some management experience, is a definite plus point for young professionals wanting to study MBA. Because they'll be able to connect the theoretical concepts they learn in class, with practical examples from their past work experience. Yes, students fresh out of college get into MBA with no work experience, and can't connect the same way. But, when you're flying halfway across the world and paying a lot of money to study MBA, you need to cover your bases.
8. You need to make sure your financial proof documents are iron-clad. You mentioned failing subjects and your family going through financial strain in 2020. That isn't too long ago. So you need to show the IRCC officer that financial strain isn't going to affect you this time.
9. Returning to India, to serve the country, sounds patriotic on paper, but isn't practical. Remove those sentences, and talk about your future goals. Don't mention PR in your SOP, if your actual intention is to get PGWP and apply for PR after graduating from the program. Don't contradict yourself. You can talk about your family ties, and leave it at that.
10. Run your SOP through a bunch of grammar checkers (Grammarly comes to mind). That would help. Make sure the font, style, and size is uniform throughout the SOP.
Good luck.