Missing versioning and release documentation

[mugdha-adhav]

Currently we try following semver versioning while creating GitHub releases, but that's not documented anywhere.

ToDo:

• Finalize versioning and releases standard.
• Add documentation for release procedure.
• Update README with links to documentation created in above steps.
• Update maintainer docs.

[mbtamuli]

Finalize versioning and releases standard

Since this is something that needs a decision that has a major effect, I think this shouldn't be a good first issue.

For example, https://www.kubernetes.dev/docs/guide/help-wanted/#good-first-issue, the Kubernetes Contributors docs mention that good first issues should have a defined solution.