Hi @Pooja
are you able to see the labels field ?
if yes, then, simply start typing the label value you wish for and it will be created.
Labels are an odd one
Other fields are there because you've got a list of options to select from, or our humans understand that they need to fill it in from scratch.
Labels are neither of those, they only exist as a function of being added to issues.
To "create a label", you will need to add a label to an issue, it's not a list you can directly control.
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