react-native version upgrade – Error: index.js: Cannot find module ‘babel-plugin-r’ React Native

after upgrading react-native-reanimated to latest version, I received babel error as follows

Error: index.js: Cannot find module 'babel-plugin-r' React Native

Solution for Error: index.js: Cannot find module ‘babel-plugin-r’ React Native

1. add below line of code in your babel.config.js file

plugins: [
    [
      '@babel/plugin-transform-runtime',
      {
          absoluteRuntime: false,
          corejs: false,
          helpers: true,
          regenerator: true,
          version: '7.0.0-beta.0',
      },
  ],
    'react-native-reanimated/plugin',
  ],

2. install below packages as dev dependencies

"@babel/core": "7.20.12",
"@babel/plugin-transform-runtime": "7.19.6",
"@babel/preset-env": "7.20.2",
"@babel/runtime": "7.20.13",