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I bought a 2nd hand Bullet 350cc, 1992 model, about 1 year back and have not had any serious problems as of yet, but recently the gearshift is not smooth:
-when selecting 1st gear gearbox makes a frightening cluttering sound
-gears often slip (1st to 2nd usually)
-top speed is not more than 60km/h (although this may not be due to gearbox???)

Does clutch plate/clutch cable need replacement?
I would be grateful for some enlightnment, thanks!

Get the bike to a competent mechanic and check the clutch setting. The gearbox might need it's fill of Grease oil mix now. The gearbox selector might need to be replaced to rectify the slip.

Doing up the bull gearbox is a relatively less complex and easier job than any other bike. It shouldn't cost much either.

Shankar has already mentioned the remedies. Also you can check the oil in the clutch casing and if the clutch chain is loose or not. If all parameters are ok then probably the clutch needs replacement since you are not able to go beyong 60 kmph.