Manish, I've just added a mock-up of how I would have begun organizing my quotes, if I had been working natively in TiddlyWiki from the beginning:
At some point, I'd like to convert my teaching projects over so that excerpts have their own tiddlers in this way; it's the right way to go.
For this mockup, I haven't added fancy css or custom ViewTemplate settings. But the most important thing is data structure, and having confidence that you're setting up an approach that you can build upon without regrets.
Last tip: be aware that some tempting field names — especially "title" "text" and "source" should be *avoided* for holding your bibliographic metadata, because TW5 is already using those field-names to track aspects of your tiddlers. For a list of those "already taken" field names, see here:
https://tiddlywiki.com/#TiddlerFields
-Springer