Issue while executing npm start run in VS Code using Fiori Application Generator

Hello SAP Experts,

I created a empty SAPUI5 application using the template in the Fiori application Generator v1.7.5 in VS Code. I did not add any other code and just tried to execute the app using command npm run start and gave an error which is attached below.

I have tried with and without proxy, both didn't work. The SAPUi5 version is defined in manifest.json as 1.71.2.

Appreciate your help in advance.

Regards,

-Stanley