@Dal Ram Thanks for reaching out.
Without the proper analysis of the root cause of the 429 error it would be difficult to confirm if migrating to Standard SKU will resolve the issue.
Generally, when you receive the HTTP status code 429 it means too many requests. But you need to first validate if the 429 error is from APIM or your backend API call.
You mentioned that you do not have any policies to rate limit the APIs. It is possible that your APIs are being called too frequently or by too many clients, which is causing the limit to be exceeded. You may want to consider implementing rate limiting policies to control the traffic to your APIs.
If you are still unsure about the cause of the issue, you can try to analyze the logs and metrics for your APIs to identify any patterns or anomalies. This may help you to pinpoint the root cause of the issue and take appropriate action.
Let me know if you have any queries or concerns.
Please 'Accept Answer' if it helped so that it can help others in the community looking for help on similar topics.