upstream timed out (110: Connection timed out) while reading response header from upstream

I'm new to nginx server. The problem I'm facing currently is connection timed out issue after making a call from the iOS app. The Json I'm receiving is huge hence there is a timeout logged on the server.

Also checked with various answers posted here on stackoverflow regarding the same. But didn't help me out.

Below is my access log and error log. Please help.

Error log

upstream timed out (110: Connection timed out) while reading response header from upstream, client: xxxxxxxxxxx, server: xxxxxxxxxxx, request: "POST /api/event/gallery HTTP/1.1", upstream: "fastcgi://unix:/run/php/php7.0-fpm.sock", host: "xxxxxxxxxxx"

Access log

"POST /api/event/gallery HTTP/1.1" 504 192 "-" "mysite/2 CFNetwork/889.9 Darwin/16.7.0"

nginx.conf

user www-data;
worker_processes auto;
pid /run/nginx.pid;

events {
    worker_connections 768;
    # multi_accept on;
}

http {

    ##
    # Basic Settings
    ##

    sendfile on;
    tcp_nopush on;
    tcp_nodelay on;
    keepalive_timeout 65;
    types_hash_max_size 2048;
    # server_tokens off;

    # server_names_hash_bucket_size 64;
    # server_name_in_redirect off;

    include /etc/nginx/mime.types;
    default_type application/octet-stream;
    client_max_body_size 50M;

    ##
    # SSL Settings
    ##

    ssl_protocols TLSv1 TLSv1.1 TLSv1.2; # Dropping SSLv3, ref: POODLE
    ssl_prefer_server_ciphers on;

    ##
    # Logging Settings
    ##

    access_log /var/log/nginx/access.log;
    error_log /var/log/nginx/error.log;

    ##
    # Gzip Settings
    ##

    gzip on;
    gzip_disable "msie6";

    # gzip_vary on;
    # gzip_proxied any;
    # gzip_comp_level 6;
    # gzip_buffers 16 8k;
    # gzip_http_version 1.1;
    # gzip_types text/plain text/css application/json application/javascript text/xml application/xml application/xml+rss text/javascript;

    ##
    # Virtual Host Configs
    ##

    include /etc/nginx/conf.d/*.conf;
    include /etc/nginx/sites-enabled/*;
}

#mail {
#   # See sample authentication script at:
#   # http://wiki.nginx.org/ImapAuthenticateWithApachePhpScript
# 
#   # auth_http localhost/auth.php;
#   # pop3_capabilities "TOP" "USER";
#   # imap_capabilities "IMAP4rev1" "UIDPLUS";
# 
#   server {
#       listen     localhost:110;
#       protocol   pop3;
#       proxy      on;
#   }
# 
#   server {
#       listen     localhost:143;
#       protocol   imap;
#       proxy      on;
#   }
#}

via Chebli Mohamed