Dear Sonal,
In your case, HR policy will be of no use because I feel your employees might be too young, without any household responsibility, and they might be taking leave without any valid reason. Your disciplinary action on them will also be of no use.
In such case, you have to call each employee and counsel them. Ask them the reason for their habitual absenteeism. Make a comparative statement of their salary for last 3 months highlighting their total loss including indirect benefits like leave, bonus, pf. etc.
Secondly, you can introduce different types of Attendance Bonus, like weekly Attendanc Bonus, Fortnight Attendance Bonus and Monthly Attendance Bonus. That is if an employee attendance full week he will get x amount as bonus in his salary or for fortnight or month. This will reduce absenteeism and there will be no production loss.
To conclude, I will only comment that if you have high absenteeism then you have recruited wrong people.
Regards.
Clement