The basic way I usually use is by using the list.index(element) and reversed_list.index(element), but this fails when I need to search for many elements and the length of the list is too large say 10^5 or say 10^6 or even larger than that. What is the best possible way (which uses very little time) for the same?
Well, someone needs to do the work in finding the element, and in a large list this can take time! Without more information or a code example, it'll be difficult to help you, but usually the go-to answer is to use another data structure- for example, if you can keep your elements in a dictionary instead of a list with the key being the element and the value being an array of indices, you'll be much quicker.