My Goal is if user is submitting this form with \"Product Name\" value as \"YYY\". On submit page should reload but this time \"Product Name\" should show previous valye as
Drupal will do this by default if you include:
$formproductname['#redirect'] = FALSE;
In your $formproductname array.
I usually solve this by putting the submitted value in the $_SESSION variable in the submit hook. Then the next time the form is loaded, I check the $_SESSION variable for the appropriate key, and put the value into the #default_value slot if there's anything present.