Improve local development setup documentation

[Sureshpro171005]

References

Addresses #7701

Summary

This PR improves the local development setup documentation in CONTRIBUTING.md by:

• Adding a Prerequisites section with recommended Python and Node.js versions.
• Adding guidance for a live-reloading development workflow using jlpm watch.
• Improving the organization and readability of the development setup instructions.
• Providing additional guidance to help first-time contributors set up the project.

Motivation

The current development setup documentation can be difficult for new contributors to follow. These documentation improvements aim to make the setup process clearer and easier to understand.

Testing

• Reviewed the documentation for clarity and consistency.
• Verified that the Markdown formatting renders correctly.

Checklist

• I have read the contributing guidelines.
• My changes are documentation only.

[Sureshpro171005]

Hi maintainers, just following up on this PR when you get a chance. I’d be happy to make any changes or address any feedback. Thank you!