No, it can't be reliable. Indian economy is still dependent on agriculture and allied activities. Manufacturing and service sectors though main driver of GDP, primary sector is the main provider of employment. Share market only shows the growth of manufacturing and service sectors. It does not really provide the clear picture of the economy. 

Thank you Sir for your answer. But I want to pursue my research on how stock market development impacts or doesn't impact economic growth in India? Can I will be able to do that?

Hi Karobi,

You can pursue your research on the relationship between stock market development & industrial development in the context of India today, since development of stock markets & easy liquidity / exit for investors ensure ease of access to capital  for corporate sector thus, helping industrial development.

Hello Hemlata Mam. Thank you for sharing your thoughts. Do you know is there any study took place on stock market development and industrial development in India till today? Please suggest.

Hi Karobi,

There has been a lot of research on the relationship between stock market development & economic development, & I suggested industrial development, for a change. Industrial development also leads to economic development, so even if there is industrial development, the economy fundamentals will reflect that.

If you want to study the relationship between Stock Market and Economic Development, a seminal paper in this context is 'Stock market development & Long-run Growth' by Levine & Zervos, retrievable from http://faculty.haas.berkeley.edu/ross_levine/papers/1996_WBER_LRGrowth.pdf.

A paper in Indian context, which explores relation b/w stock market development & economic (industrial) development using IIP (Index of industrial production): 

Stock Market Development and Economic growth in India: An Empirical Analysis by Srinivasan P., retrievable from 

https://mpra.ub.uni-muenchen.de/55657/1/MPRA_paper_55657.pdf.

Papers by Pradhan(2011), Mohtadi and Agarwal(2004), Paramati and Gupta(2011) study the relation b/w stock markets & economic growth & Singh (1997) studied the relation b/w stock markets &industrial growth.

I think these papers will definitely be useful.

Good Luck !