Is it possible to use developer console in idle state so it does not maintain an active connection to salesforce and send a request only when i save a class or do an action. We have many developers working in the same developer org and the active state of developer console exhaust the daily API limit of 15000 pretty quickly. i read this question here How to limit API calls when using the Developer Console? but was unable to find any such option.
I don't think you're going about this the right way, and I believe what you want to do is impossible. Use an external IDE such as Eclipse or SublimeText + MavensMate. Metadata/Tooling API calls don't even count, so development effort via the
Developer Console should be moot relative to your consumption of this limit anyway.
As for tracking usage, see this help article:
How much is the API limit?
The API limit count depends on the organization type and edition. Please refer to API Request Limits for more information.
What counts towards my API limit?
SOAP (https://www.salesforce.com/developer/docs/api/Content/sforce_api_calls_list.htm) and REST API calls (which include Bulk API calls) are counted against an organization API call limit.
How can I reduce my usage of API calls?
There are different approaches to reduce the amount of API calls consumed by a given API client, which include (but are not limited to) the following:
a) caching on the client side,
b) sending cumulative changes, rather than incremental changes,
c) resort to the Bulk API to mass upload/update records, instead of using the REST API to upload/update the same records.
Where can I get information on how many API calls were made in my org?
The "API Usage last 7 days" report
The "API Usage last 7 days" report shows you the calls made by user and date for the last 7 days including today. Take into account that the counters for this report reset at 12am Greenwich Mean Time (GMT) or UTC.
NOTE: This report displays SOAP API usage, but REST API (including Bulk API) calls are not included in the report, which might explain why the data displayed in the report does not match the figure returned by the System Overview page.
For more granular information, Event logging can be used. Refer to http://www.salesforce.com/developer/docs/api/Content/sforce_api_objects_eventlogfile.htm for more information.