If you want to create a point on the curve where the curve is at shortest distance from the input point, then create a Datum Point and choose the Point On Curve/Edge type. Select the curve and then change the Location Reference to Start Point. Enter 0 mm as Curve Length and you point is at the closest location.
If you want to project inside a plane then you will have to create an intersection point between the plane and the point.
@DickBaardsethanks for the reply. I was able to project it by creating a plane by point and direction method where the point is the point to be projected and direction is the edge vector on which the point lies. Then I created an intersection point between this plane and the edge on which the point has be projected, the resultant point is the projected point.
I was not able to find any direct function in OOTB NX