Ionic2 - New Project - Error - no such file or directory, open '..\index.html'

After creating a new ionic 2 project, serving project for first time, gives error 

 Error - no such file or directory, open '..\index.html'

Resolution - 

- CLI version should be 2.1.0 not beta. If you run ionic -v and have anything other than 2.1.0, run:

npm uninstall -g ionic
npm install -g ionic