By encouraging the channelization and mobilization of financial resources and integrating those with the need for funds to bring about innovation and achieve growth with those who have resources to invest, effectively functioning stock markets foster economic growth and development. The NSDL and CDSL alongside a few vault members assume a significant part to work with exchange. However, despite the fact that stock exchanges play a significant economic role, the connection between economic growth and stock exchanges is not widely acknowledged or understood. The crux of the argument is whether economic data is lagging indicator or is it stock market’s tendency to think forward. This debate is given conclusion by analyzing quarterly data of GDP and two indices’ performance.