Referring to encouraging GDP growth figures released on Tuesday, Prime Minister Narendra Modi said on Wednesday that "hard work" has won over "Harvard-educated economists", who had predicted otherwise.

"Well-known intellectuals from Harvard and Oxford (universities), who have been at key positions in the Indian economic system, had said the GDP would go down by two per cent, some others said it would go down by four per cent," Modi said at an election rally here.

Without naming anyone, the Prime Minister said: "On one hand, there are these intellectuals who talk about Harvard, and on the other, there is this son of a poor mother, who is trying to change the economy of the country through hard work."

Whether Harvard would win or hard work, the farmers, labourers and honest people of the country had already proved, he said.

"Hard work is more powerful than Harvard. India is among the world's fastest growing economies," Modi said.

"Yesterday GDP figures came out, and it was proved that despite demonetisation, the honest and hardworking people of India, villagers, farmers and the youths did not allow the development of the country to get hampered," he said.

India's GDP for the third quarter ending December 31 stood at Rs 30.28 lakh crore, recording a growth of 7 per cent, compared with 7.3 per cent in the second quarter, official data released on Tuesday said.