I want to design an android application, in which it should read data from an USB device connected to it per standard timings.Can I? How?
You Can use USB HOST OR ACCESSORY MODE for communicating with a USB device:
Android supports a variety of USB peripherals and Android USB accessories through two modes: USB accessory and USB host.
In USB accessory mode, the external USB hardware act as the USB hosts. Examples of accessories might include robotics controllers; docking stations; diagnostic and musical equipment; kiosks; card readers; and much more.
In USB host mode, the Android-powered device acts as the host. Examples of devices include digital cameras, keyboards, mice, and game controllers. USB devices that are designed for a wide range of applications and environments can still interact with Android applications that can correctly communicate with the device.
Like go through this link for communicating with a device in HOST mode.