I did this and its working as expected. Please close this question
<div class="post-content">
<?php
// set the "paged" parameter (use 'page' if the query is on a static front page)
$paged = ( get_query_var( 'paged' ) ) ? get_query_var( 'paged' ) : 1;
$the_query = new WP_Query( 'posts_per_page=5&post_type=blog&paged=' . $paged );
if($the_query->have_posts()) {
while($the_query->have_posts()) {
$the_query->the_post();
$link = get_permalink();
echo "<div id='bl-post'>";
echo "<div class="thumb">";
echo "<a href=$link>";
if(has_post_thumbnail()) {
the_post_thumbnail();
}
echo "</a>";
echo "</div>";
echo "<div class="cont">";
echo "<h2 class="bl-post-title"><a href=$link>";
the_title();
echo "</a></h2>";
echo "<p>";
$excerpt = get_the_excerpt();
echo string_limit_words($excerpt,30);
echo "</p>";
echo "<a href=$link id='cont-read'>";
_e('Read More','nss-framework');
echo "</a>";
echo "</div>";
echo "</div>";
}
?>
<div class="clr"></div>
<ul class="sl-navi">
<li>
<span><?php next_posts_link('Older', $the_query->max_num_pages); ?></span>
</li>
<li>
<span><?php previous_posts_link('Newer'); ?></span>
</li>
</ul>
<?php wp_reset_postdata(); ?>
<?php
}
?>
</div>