I'm worried about my progress as some of my lab mates are about to graduate.
I'm really thinking of dropping out if situation is not getting better.
Before you pull the nuclear trigger and drop out, I strongly suggest that you take some time to figure out when you want to graduate and what you have to do to accomplish that goal. Be very specific (e.g., "I will prepare the following work for conference X, which has a submission deadline of Y;" "I will be ready to propose to my committee on Z"). Once you put this on paper, you can go to your advisor and ask him to review it with you, and to make suggestions or provide other guidance. If you can't get your advisor to agree to the plan, at the very least go to another professor (possibly the ombudsman, if there is one) and talk over the plan with him/her. You need something concrete or you could linger forever.
I was lucky in that my advisor forced me to come up with a plan early on (within the first year of working with her), and we came to an agreement on what that plan was going to be. The proposal stage of your eventual PhD work is a similar agreement with your committee. I had a tacit agreement from my advisor that if I met all the goals, I'd be ready to graduate, and I worked hard to make all the deadlines I had set. That in itself was a big motivation, and it worked out.
As far as your projects go, you must be personally invested in getting them done. That's one of the driving factors in every Ph.D, and you (hopefully) have an intellectual desire to work on the project, so I suggest trying to get into the mindset that you really want to find the answer to the questions posed in the project. That's the fun part of being a scientist, after all! :)