Dear Pankaj Mani,
Thank you for the comments. The use of complex numbers in quantum theory is a very interesting case, which needs a lot of discussion. My own work here is just on space-time structure, so does not touch on quantum theory directly. But I think it may help to recall that time-revesal is implemented in quantum formalism by taking the complex conjugate of the wave function. This immediately suggests a connection between the use of complex numbers and the temporal structure, indeed a connection with the direction of time.
It is harder to deal with quantum theory because there is no agreement at all about just what physical entities the theory is committed to, particularly what Bell called the "local beables" of the theory. The observable behavior of laboratory apparatus should be determined by the behavior of these local beables at microscopic scale. If you don't even know what these are, then interpreting the significance of the mathematical apparatus becomes essentially impossible. Pure space-time theory is a bit more straightforward.
Regards,
Tim Maudlin