Updates: compile sdk version and target sdk version to 31 for Android 12 Migration

[AjeshRPai]

Closes #723

This PR updates the target SDK version to 31 for the Android 12 migration

Test Instructions

• Install the app from the Parent PR
• Make sure the functionalities provided by the library work as expected

[peril-automattic[bot]]

You can test the changes on this Pull Request by downloading the APK here.