Hello @Manjusha Devadas
Yes, you can turn on soft deletion for storage accounts through a policy. You can do this through the portal/powershell/azure cli/template options.
You can "[s]pecify a retention period between 1 and 365 days." PowerShell (7 days) example is included below:
Enable-AzStorageContainerDeleteRetentionPolicy -ResourceGroupName <resource-group> `
-StorageAccountName <storage-account> `
-RetentionDays 7
Azure CLI Example (7 days):
az storage account blob-service-properties update \
--enable-container-delete-retention true \
--container-delete-retention-days 7 \
--account-name <storage-account> \
--resource-group <resource_group>
See more information at https://learn.microsoft.com/en-us/azure/storage/blobs/soft-delete-container-enable?tabs=azure-portal
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If this helps please mark as correct answer.