bug: Update readme.md file

[Junaid-Mohamed]

readme.md file needs an update.

the setup for code locally is not clear enough I think and needs an update.
because as per the instructions followed from readme.md file the setup is giving continuous error,
it would be helpful if it provides what all is required on local machine to setup,
for eg : does it require a visual studio, which node version is required etc.. and many dependencies are depreciated.

sample picture of the error is as follows, please provide guidance on it.

[deexithparand]

Hi @Junaid-Mohamed, can I work on this issue. Kindly assign this issue to me, and also can you add hactoberfest-accepted tag to this issue.