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My JS function was not correct. The below code is now working as intended: y axis label is being shown.
function extender1() {
var options = {
options: {
scales: {
yAxes: [{
scaleLabel: {
display: true,
labelString: 'Order amount'
}
}],
}
}
};
$.extend(true, this.cfg.config, options);
};
Source:stackexchange.com