_caffe.so is present in the caffe/python/caffe folder
Have set the path variable as export PYTHONPATH=/home/itstudent1/caffe/python:$PYTHONPATH.
make pycaffe was also successful.
I am not understanding what else might be the cause for this error. I am able to import caffe in python.
File "/home/itstudent1/MajorProject/densecap-master/lib/tools/../../python/caffe/pycaffe.py", line 13, in from ._caffe import Net, SGDSolver, NesterovSolver, AdaGradSolver, \ ImportError: No module named _caffe