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Himanshu GhateHimanshu Ghate 

Still not able to create LWC component while creating the project it giving me an error.Please tell me step by step what should I do now.

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Best Answer chosen by Himanshu Ghate
SwethaSwetha (Salesforce Developers) 
HI Himanshu,
Based on the error,it looks like the project is not set up correctly or the sfdx-project.json file is missing from the root directory of the project.

Try these steps:
>Open Visual Studio Code.
>Click on the Explorer icon at the top left of the screen.
>Click on the Open Folder button.
>In the window that pops up, find the folder that contains your Salesforce DX project.
>Click the Open button to continue.
If the sfdx-project.json file is missing, you can create it by running
" sfdx force:project:create -n yourprojectname "

Once you have the sfdx-project.json file in the root directory of your project, you should be able to open it in Visual Studio Code without encountering the error message.

Related:
https://salesforce.stackexchange.com/questions/374566/how-do-i-re-open-a-project-in-visual-studio-code

https://www.apexhours.com/how-to-setup-visual-studio-code-for-salesforce/

If this information helps, please mark the answer as best. Thank you