Replace README.txt with README.md and update README.md file

Created on 17 January 2023, almost 2 years ago
Updated 26 March 2023, over 1 year ago

We could be using README.md instead of README.txt to make use of the nicer rendering via markdown.
Now that we've moved to GitLab, we should probably use Markdown instead of plain .txt files for our documentation.

Follow the pattern in the README.md template .

📌 Task
Status

Fixed

Version

1.0

Component

Documentation

Created by

🇮🇳India Charchil Khandelwal

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