Ankita Gupta,
Downgrading to Windows XP is possible, but you most likely won’t be pleased with the results. If you have a newer laptop, drivers may not be available for all of your hardware components as was already mentioned.
Something else you should be aware of is that support for Windows XP will be ending on April 8th, 2014 and that is right around the corner. What this means it that Microsoft will no longer be providing new security updates, non-security hotfixes, free or paid assisted support options or online technical content updates.
Another thing worth mentioning is if you downgrade to
Windows 7, you will have the ability to run
Windows XP mode. As long as you’re using Windows 7 Professional, Enterprise or Ultimate editions, you can run programs that were designed for Windows XP.
Windows XP Mode works in two ways—both as a virtual operating system and as a way to open programs within Windows 7. It runs in a separate window on the Windows 7 desktop, much like a program, except it's a fully-functional, fully-licensed version of Windows XP. In Windows XP mode, you can perform tasks as if you were using a computer running Windows XP.
You should also keep in mind is that the Windows XP mode follows the same support lifecycle as Windows XP. Extended support will end April 8, 2014. For more information, see the
Windows lifecycle fact sheet.
Mike
Windows Outreach Team – IT Pro
The Springboard Series on TechNet
Windows XP End of Support