Yeah the kb mentions that "Project archiving is only available on Premium and Enterprise plans."
Because you are on Standard plan @Varsha Raghav you cannot have it, but you can create a set of projects configurations (with restricted access, no edit permissions, no notifs, etc.) for archive projects and also an Archive category.
Its all describe here in an old jira server doc (version 7.4) : https://confluence.atlassian.com/adminjiraserver074/archiving-a-project-881683942.html
I hope it helps a bit.
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