It was resolved automatically today. But If you still have this problem you 
can go to File > Settings > Build, Execution, Deployment > Gradle > Select 
Offline Work > Click Okay. Done :)

On Wednesday, March 1, 2017 at 12:29:38 AM UTC+5:30, Shubhansh Jaiswal 
wrote:
>
> Hello Devs, I have a problem can you guys help me out?
>
> Just opened Android studio after yesterday when it was working fine and 
> today it gives me an error:
>
> Gradle 'My Project' project refresh failed
> Error:Connection timed out: connect. If you are behind an HTTP proxy, 
> please configure the proxy settings either in IDE or Gradle.
>

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