https://romannurik.github.io/AndroidAssetStudio/icons-launcher.html#foreground.space.trim=1&foreground.space.pad=0&foreColor=607d8b%2C0&crop=0&backgroundShape=square&backColor=ffffff%2C100&effects=none
After generating your icon and downloading the zip file by using the side given above then extract the res folder from zip file and overwrite res folder(by pasting at location e.g. C:\MyApplicaton\app\src\main) of your app with this res folder then your code
android:icon="@mipmap/ic_launcher"
will work.
Note: by overwriting res folder it only add or overwrite the mipmap folders and old folder will remain as it was.
OR
you have to replace the ic_launcher icon in all mipmap folder with new ic_launcher according to the icon size with the help of the side given above.
then it will work
folder name like
mipmap-hdpi
mipmap-mdpi
mipmap-xhdpi
mipmap-xxhdpi
Then your code as given below will work
<application
android:allowBackup="true"
android:icon="@mipmap/ic_launcher"
android:label="@string/app_name"
android:supportsRtl="true" >
...
...
</application>