After not getting any response, I searched on Google for solving the issue and came across this article. They have provided all the solutions are as useful as to follow. But After applying a few methods, the problem was solved.

Mainly the problem was happening due to outdated system files. So as per the article's instruction, I run the DISM scan by following these commands:

DISM /Online /Cleanup-Image /CheckHealth

DISM /Online /Cleanup-Image /ScanHealth

DISM /Online /Cleanup-Image /RestoreHealth

Then reinstalled the game service and checked the disk also following this command chkdsk c: /f

After completing these solutions correctly when I run the Minecraft launcher to install Minecraft, I have no longer any issues while installing this. Feeling relaxed sharing my experience. Thanks.