"404 not found error" in case of deploying owa with openmrs-standalone platform

After scaffolding or deploying open web app which is to be served from openmrs-standalone server (local host port : 8081), it generates a production (runtime) error in the browser stating "Error 404, Not Found".

This error is generated due to a bug in the openmrs-module-owa which hard codes the application context path instead of using the OPENMRS_CONTEXT_PATH.
This bug needs to be eliminated in order to ensure the proper functioning of the OWA module for deploying open web apps in case of openmrs-standalone platform

Resources / links : https://github.com/openmrs/openmrs-module-owa/blob/master/omod/src/main/java/org/openmrs/module/owa/web/controller/OwaManageController.java#L104