16:19:48 INFO  : Processing command line option -hwspec E:/working/HT2635_FPGA_test/Vivado/HT2635_zynq_led/HT2635_zynq_led.sdk/SDK/SDK_Export/hw/design_1.xml. 

16:21:56 INFO  : Processor reset is completed for ps7_cortexa9_1 

16:21:56 INFO  : PS initialization will be done as it is not done before. 

16:21:56 INFO  : Running PS initialization.... 

16:22:56 INFO  : Time out for XMD transaction is 60000

If you want to increase the timeout value, goto Windows-> Preferences -> Xilinx SDK -> XMD Startup 

16:22:56 ERROR : Timeout occured while waiting to get reply for command "ps7_init" 

16:22:56 ERROR : Unexpected error while launching program. java.lang.RuntimeException: Error while running ps7_init method.

       at com.xilinx.sdk.targetmanager.internal.TM.run_ps7_init(Unknown Source)

       at com.xilinx.sdk.targetmanager.internal.TM.runPs7Init(Unknown Source)