I am concern about the YouTube monetization policy that how much watch time and subscribers are required (in a time frame?) to get monetized and if I don't the achieve milestone within the specified time will my channel be facing some penalties?
No there is no penalty. You can take your time to hit the 1000 subscribers and 4000 watch hours milestone. However, after your monetization is approved, you need to maintain 4000 watch hours every 365 days, else you'll be demonetized, and apply again once you reach 4000 watch hours again.
Don't worry much about the requirements for monetization. Look at YouTube as a marathon and focus on creating quality content. If you keep on creating quality content you will reach the requirements with time. Some reach them in two months, most people require a lot more time to reach them. 1-3 years are not uncommon.
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