Hi Soumya,
except for the LocalFlinkMiniCluster, which is used by the LocalEnvironment to execute Flink programs in your IDE, we don't use the global ExecutionContext. Thus, it should be fine to use the global ExecutionContext for your futures without affecting Flink.
However, I would recommend to create a dedicated ExecutionContext to you. That way, you've better control over the resource consumption of the different parts of your code. You could, for example, create an ExecutionContext for a subtask of an operator in the open method of the RichFunction.
Cheers,
Till