Add CONTRIBUTING.md with Setup Instructions for New Contributors

[khushi-joshi-05]

Issue Title: Add CONTRIBUTING.md with Setup Instructions for New Contributors

Description: There is currently no CONTRIBUTING.md file in the repository, which makes it difficult for new contributors to understand the steps needed to set up the project locally and contribute effectively.

Tasks include:

• Creating a CONTRIBUTING.md file in the root directory.
• Providing clear instructions on how to clone the repo, install dependencies, and set up the development environment.
• Adding guidelines on how to run tests, linting, and other development tasks.
• Including best practices for submitting issues and pull requests.

This will help streamline the contribution process and make it easier for new contributors to get started.

@Ramsey99 @KiranBaliga kindly assign me this issue under hacktoberfest'24.

[github-actions]

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