Not able read large excel files with 1 million rows, I am getting java.lang.OutOfMemoryError: Java heap space

I am not able attach my excel file which is around 34MB( getting errror Yowza that's a big file. Try again with a file smaller than 10MB)

Below is the sample data in the Excel, where first row is header followed by 1 million employee records
Code FirstName LastName City Address Country DepartmentRef PersonTypeRef PropertyRef
A1000001 A1000001 A1000001 Hyderabad 1stAvenue India 99 Internal coordinator 26
A1000002 A1000002 A1000002 Hyderabad 1stAvenue India 99 Internal coordinator 26
A1000003 A1000003 A1000003 Hyderabad 1stAvenue India 99 Internal coordinator 26