Creating subtitles is a long and tedious process, even if you have a transcript.
However, if you do have a transcript for your video, you can try automatic timecode option in Youtube.
The feature is in beta mode, but works quite good.
Currently, supported languages are English, Japanese and Korean.
However, you could actually use the Youtube Transcript feature for unsupported languages.
To do that, first use a transliteration tools to convert your transcript into an English transliterated text.
Then, upload this translit transcript to Youtube.
Wait until Youtube processes this text.
Now download the .sbv track.
Use the same transliteration tool to convert it back to the original language.
You may have to edit certain words that should remain English, like brand names or links, and some time adjustments may be required for a perfect sync of captions with your video. But still, creating subtitles this way is a lot faster and simpler, since most of the job is already done.
Delete all the incorrect subtitles, and upload the correct .sbv file as Youtube caption file.
If you need a standard .srt track for Blip or DVD, use a sbv->srt converter to get it.