Enhance local development documentation

[pjsharath28]

What this PR does / why we need it: This PR contains documentation changes which were out of place for project local setup which includes broken links and some missing information.

Which issue(s) this PR fixes (optional, in fixes #<issue number>(, fixes #<issue_number>, ...) format, will close the issue(s) when PR gets merged):
Fixes #

Special notes for your reviewer:

/area provider/ibmcloud

1. Please confirm that if this PR changes any image versions, then that's the sole change this PR makes.

Release note:

none

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[k8s-ci-robot]

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[pjsharath28]

@Karthik-K-N, I made changes as we discussed earlier. PTAL
Thanks!