Docs: Improve README Local Development Setup Instructions

[sruthichinnannan]

This PR addresses #1 by updating the README.md to provide clearer and more accurate instructions for setting up the local development environment.

Key changes include:

• Detailed prerequisites.
• Clear instructions for cloning and configuring the .env file.
• Accurate commands based on _cd_pipeline.yml (using api-server, accessing via http://localhost, automatic migrations).
• Addition of a recommended "Verify Your Setup" section.
• Clarification on running management commands via docker-compose exec.
• Improved formatting and structure for better readability.