[new feature] Create shell script to set up development environment

**Current behavior:**
The user has to go through a lot of steps to set up the development environment locally. This often leads to errors due to missed commands / unfulfilled dependencies on the users side or due to outdated documentation.

**New functionality:**
A script could be created that does all the automation and sets up the development environment for the user.
What this feature can do:
* Saves a lot of time for user in multiple ways (not having to install dependencies manually, or going through every step in the documentation)
* Reduces scope for errors
* The script can be put on the CI/CD pipeline to make sure that the development setup is functioning as expected.

Note: I would like to work on this if the maintainers approve. (I am also a GCI participant, so if possible I would like to have this added as a task).
@RishabhJain2018 @vkartik97 @Ram81 Can I go ahead and submit a PR?

No files, tests, or entry points are named. Review the existing development setup instructions and dependency requirements first, then define the script's supported setup path and how it could run in CI; done means a user can automate the documented environment setup without manually repeating each step.

Written by the indexing model from the issue text.