I have the image in Drive, How could it be added to the Readme.md so as to display the image in readme. I had tried with the shared link, but it isn't working.
For example, I have a.jpg
on the google drive.
Right click the image and click Share...
Click Advanced
and change the Who can access
option to Public on the web - Anyone on the Internet
link to share
and you will have something like
https://drive.google.com/file/d/<FILE_ID>/view?usp=sharing

Example: I have this octocat image in google, and its file id is 1913oZeBZPBNiUuk8gu3ZSbLBA2l_VQtG
. You can try 
in your markdown file or even in this answer.
Hope this helps.