Updating webpack and babel configurations

[ishubham21]

Currently, the webpack.config.js file has a lot of comments, is messed up, and is hence not ready for a production-grade application. I'd like to add/update the following stuff -

• Create a basic configurations file (webpack.config.common.js) for both development and production.
• Use webpack-merge to inherit the basic configurations and add on top of that in separate files for development (webpack.config.dev.js) and production (webpack.config.prod.js).
• Combining the rules for CSS and SCSS loaders by updating the current regex and making use of style-loader
• Adding Treser Plugin to optimize production build for easy debugging by generating a source map for the same.
• Rewriting babel.config.js as .babelrc as the per the latest development specifications.