Finally Solution
This is how I resolved it. I didn’t run any encoding queries in the database or on SQL data in the sql file.
I just opened the dump.sql file in Notepad++ and hit CTRL+H to find and replace the string “utf8mb4_0900_ai_ci” and replaced it with “utf8mb4_general_ci“.
Bingo after that it got imported successfully!
Hope this will help somebody 🙂 so I just shared!