fix-readme-1-31

[Sakshi-shukla01]

This PR fixes the README link, corrects typos, and updates formatting for release 1.31.
No functional changes were made.

What type of PR is this:

/kind documentation

What this PR does / why we need it:

Fixes the broken README link, corrects typos, and improves formatting for better readability in release 1.31.

Which issue(s) this PR fixes:

None (or link an issue if applicable, e.g., #1234)

Special notes for your reviewer:

No special notes; only documentation changes.

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[APPROVALNOTIFIER] This PR is NOT APPROVED

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PR needs rebase.

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