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Liphyra brassolis
I think this is a Lycaenid caterpillar that feeds on ants in ant nests. Not sure if the species is OK for India, so maybe just Liphyra sp. Here are the two references again, which didn't show up in the species suggestion: http://www.learnaboutbutterflies.com/Lif... and
http://www.picassomio.com/liphyra-brasso....
The underside doesn't fit a Water Penny, the three sets of large true legs and gills are not obvious.