You rewrite the variable Timewith the Entry widget, so put it in another variable, for example Time:
Time = time.strftime('%H:%M%p')
Time = Entry(root, relief = RIDGE, bd = 5, width = 16, cursor = 'plus', fg = 'red', selectforeground = 'red', selectbackground = 'black')
instead, do the following:
time = time.strftime('%H:%M%p')
print time
Time = Entry(root, relief = RIDGE, bd = 5, width = 16, cursor = 'plus', fg = 'red', selectforeground = 'red', selectbackground = 'black')
Time.place(x = 0, y = 0)
Time.insert(0, time)
Output:

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