Missing Hive Execution Jar: /usr/local/hadoop/hive/lib/hive-exec-*.jar
I resolved the problem myself but not sure what exactly happened.
By following the process I mentioned in my original question, I created the $HADOOP_HOME/hive but it was giving me a missing jar error.
So, what I did was: I downloaded hive-0.10.0.tar.gz and extracted it under $HADOOP_HOME. So the newly created folder was $HADOOP_HOME/hive-0.10.0.
I copied the entire lot of jars under $HADOOP_HOME/hive-0.10.0/lib to $HADOOP_HOME/hive/lib and when I executed next,
$HADOOP_HOME/hive> bin/hive
It worked! Please note my $HIVE_HOME=$HADOOP_HOME/hive and $HIVE_HOME/bin is added to path.Hope this helps somebody facing similar problem.
In my case, a simple reboot helped after setting the PATH variable.
The tar file apache-hive-0.13.1-src.tar.gz has a missing lib folderYou can download hive-0.12.0.tar.gz and move the lib folder to apache-hive-0.13.1-src folder.Now hive should be working.