SSIS Error : Failed to save package file, Element not found.

There could be many reasons that can cause this error but in my case the reason was that MSXML6.dll was not registered on my machine. So I just registered this dll to resolve this error.

To register MSXML6.dll on your machine, follow these steps:
1. From the Start menu, click Run.
2. Enter the following command: regsvr32 %windir%\system32\msxml6.dll.
3. Click OK.

Note - Replace %windir% with the path of windows folder on your machine. I my case it was - c:\windows