Creating a HTTP load balancer in Google Cloud Platform

Question

HTTP load balancer in GCP has lot of moving parts like global forwarding rules, target proxies, URL map, backend services and instance groups.

Since I found difficult in setting up my HTTP load balancer, I have written the below answer that aggregates the steps for setting up HTTP load balancer in GCP.

This question is a part of another question's answer, which is about building an autoscaled and load-balanced backend.