SSIS Error: Failed to open package file "T:\SSIS\Package.dtsx" due to error 0x80070003 "The system cannot find the path specified.".

Problem:

I was trying to execute the SSIS package through SQL Server Agent and got the error below.

Error Message :
Message Executed as user: NT Service\SQLSERVERAGENT.
Microsoft (R) SQL Server Execute Package Utility Version 15.0.2000.5 for 64-bit Copyright (C) 2019 Microsoft. All rights reserved.
Started: 3:56:02 AM

Error: 2023-01-31 03:56:02.78
Code: 0xC0011007
Source: {92EE10D7-A288-4607-AB7C-5FFA9A9A8A22}
Description: Unable to load the package as XML because of package does not have a valid XML format. A specific XML parser error will be posted.
End Error

Error: 2023-01-31 03:56:02.78
Code: 0xC0011002
Source: {92EE10D7-A288-4607-AB7C-5FFA9A9A8A22}
Description: Failed to open package file "T:\SSIS\Package.dtsx" due to error 0x80070003 "The system cannot find the path specified.".
This occurs when loading a package and the file cannot be opened or loaded correctly into the XML document. This can be the result of specifying an incorrect file name when calling LoadPackage or the specified XML file has an incorrect format.
End Error

Could not load package "T:\SSIS\Package.dtsx" because of error 0xC0011002.
Started: 3:56:02 AM Finished: 3:56:02 AM Elapsed: 0.046 seconds.
The package could not be found. The step failed.

Error message reference:

Solution:

The problem here was the package was present in the local directory whereas the SQL Server Agent try to find the path in the server. To resolve this issue, placed the package in the server and provided the correct path in the SQL Server Agent job.