Finally i got a solution. I converted the polygon to image in arcgis using Polygon to raster tool. Then reclassified it and used Automatic vectorization. About 90 percent accuracy is obtained using this method. There are only little snapping mismatches and also the line is drawn through the exact centre. I think this is the best way if you do not have a ET geowizards licence.
The ArcScan for ArcGIS home page says:
Starting with the release of ArcGIS 10.1, ArcScan for ArcGIS is included in all license levels of ArcGIS Desktop software at no additional cost.