'ERR_PACKAGE_PATH_NOT_EXPORTED' : after upgrading to latest next JS version - reactjs

Question

Did upgrade the nextjs version 12 to #latest, post that facing the error, while running dev server:
Error [ERR_PACKAGE_PATH_NOT_EXPORTED]: Package subpath './cjs/react.development' is not defined by "exports" in /home/oem/Desktop/cld-frontend/cld-frontend/node_modules/react/package.json
at new NodeError (node:internal/errors:371:5)
at throwExportsNotFound (node:internal/modules/esm/resolve:453:9)
at packageExportsResolve (node:internal/modules/esm/resolve:729:3)
at resolveExports (node:internal/modules/cjs/loader:482:36)
at Function.Module._findPath (node:internal/modules/cjs/loader:522:31)
at Function.Module._resolveFilename (node:internal/modules/cjs/loader:919:27)
at Function.mod._resolveFilename (/home/oem/Desktop/cld-frontend/cld-frontend/node_modules/next/dist/build/webpack/require-hook.js:23:32)
at Function.Module._load (node:internal/modules/cjs/loader:778:27)
at Module.require (node:internal/modules/cjs/loader:1005:19)
at require (node:internal/modules/cjs/helpers:102:18) {
code: 'ERR_PACKAGE_PATH_NOT_EXPORTED',
page: '/colleges/[collegeUriSlug]'
}
old dependencies:
{
"name": "cld-frontend",
"version": "0.1.0",
"private": true,
"scripts": {
"dev": "next dev",
"build": "next build",
"start": "next start",
"lint": "next lint"
},
"dependencies": {
"classnames": "^2.3.1",
"dayjs": "^1.11.5",
"i": "^0.3.7",
"mongodb": "^4.10.0",
"next": "^12.1.0",
"npm": "^8.12.2",
"react": "17.0.2",
"react-device-detect": "^2.2.2",
"react-dom": "17.0.2",
"react-horizontal-scrolling-menu": "^2.7.1",
"react-multi-carousel": "^2.8.0",
"react-select": "^5.4.0",
"sharp": "^0.30.5"
},
"devDependencies": {
"#svgr/webpack": "^6.2.1",
"eslint": "8.9.0",
"eslint-config-next": "12.1.0"
}
}
new dependencies after upgrading:
{
"name": "cld-frontend",
"version": "0.1.0",
"private": true,
"scripts": {
"dev": "next dev",
"build": "next build",
"start": "next start",
"lint": "next lint"
},
"dependencies": {
"classnames": "^2.3.1",
"dayjs": "^1.11.5",
"i": "^0.3.7",
"mongodb": "^4.10.0",
"next": "^13.0.5",
"npm": "^8.12.2",
"react": "18.2.0",
"react-device-detect": "^2.2.2",
"react-dom": "18.2.0",
"react-horizontal-scrolling-menu": "^2.7.1",
"react-multi-carousel": "^2.8.0",
"react-select": "^5.4.0",
"sharp": "^0.30.5"
},
"devDependencies": {
"#svgr/webpack": "^6.2.1",
"eslint": "8.9.0",
"eslint-config-next": "13.0.5"
}
}
did try some of the methods, available on internet:
yarn upgrade
deleting node_modules and package.lock.json and reinstalling dependencies
npm update and npm audit fix --force
all these methods didn't worked for me,s till facing the issue, unable to access the website.