Unable to establish connection to a tcp socket server on aws ec2 - sockets

Question

I am trying to run a socket server on an aws ec2 ubuntu instance and then connecting with it using my local machine. I was successful with sending HTTP GET requests to my server hosted on aws ec2 instance and getting a response, but I am unable to connect the server and client using sockets, even after enabling custom TCP on the complete range of ports on the instance.
Here is a screenshot describing my instance's inbound and outbound rules :
screenshot
I used this python code from the internet to test socket networking :
socket_client.py :
import socket
def client_program():
host = "<aws instance public ip address>"
port = 8080 # socket server port number
client_socket = socket.socket() # instantiate
client_socket.connect((host, port)) # connect to the server
message = input(" -> ") # take input
while message.lower().strip() != 'bye':
client_socket.send(message.encode()) # send message
data = client_socket.recv(1024).decode() # receive response
print('Received from server: ' + data) # show in terminal
message = input(" -> ") # again take input
client_socket.close() # close the connection
if __name__ == '__main__':
client_program()
socket_server.py :
import socket
def server_program():
host = "0.0.0.0"
port = 8080 # initiate port no above 1024
server_socket = socket.socket() # get instance
# look closely. The bind() function takes tuple as argument
server_socket.bind((host, port)) # bind host address and port together
# configure how many client the server can listen simultaneously
server_socket.listen(2)
conn, address = server_socket.accept() # accept new connection
print("Connection from: " + str(address))
while True:
# receive data stream. it won't accept data packet greater than 1024 bytes
data = conn.recv(1024).decode()
if not data:
# if data is not received break
break
print("from connected user: " + str(data))
data = input(' -> ')
conn.send(data.encode()) # send data to the client
conn.close() # close the connection
if __name__ == '__main__':
server_program()
Note that the socket server-client are working completely fine when run on my local machine.
Please help if you know about how to fix this .
Edit - I have also tried with disabling firewall on the linux ec2 instance, but the problem still persists.
Thanks.