Issue resolution in maven project for Spring Boot application in Eclipse

Writing this post to record the steps to resolve the following issue in maven project while running it in Eclipse for a Spring boot application:

Non-resolvable parent POM: Could not transfer artifact org.springframework.boot:spring-boot-starter-parent:pom:1.5.3.RELEASE from/to central (http://repo.maven.apache.org/maven2)

Steps to resolve which worked for me:

1. Update project:  Right click on the project -> Maven -> Update Maven Project (opens a pop-up window)
2. Check the project in the "Available Maven Codebases" list.
3. Check "Force Update of Snapshots/Releases".
4. Click "OK".
5. Build the project: Right click on the project -> Build Project.
6. Run the application: Right click on the application code -> Run as -> Java application

Thanks for reading.