Whenever I try to install any new package or upgrade a package, it fails with below mentioned error:

Setting up install-info (4.13a.dfsg.1-5ubuntu1) ...
/etc/environment: line 1: PATH=/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games: No such file or directory

dpkg: error processing install-info (--configure):
 subprocess installed post-installation script returned error exit status 1

No apport report written because MaxReports is reached already
Errors were encountered while processing:
 install-info
E: Sub-process /usr/bin/dpkg returned an error code (1)

I checked all the directories mentioned in PATH variable exists.