Is there any way to fix this

You could try a soft factory reset. For info on how to do this check
HERE.

When you get the option to reset, choose 'Reset and keep my games & apps'

^^^

It might be too late for that since it's already scratched and if it's bad enough, it wouldn't be able to read the disc properly in order to install.

Your best bet is trying to return and exchange it since it's been less than 7 days.

Gamestop might give you some trouble since they are always pushing that 3 dollar scratch insurance...but even with that, I dont think they swap it...they might just repair it instead.

If you bought it from a retail chain store, you might have a greater chance for a swap.

Your local game store may be able to fix it. Some game stores have a machine which takes a layer or two off the disc, which makes it playable, but be aware it doesn't always work.

Install to HD disk always. XBox will then only spin up the disk to confirm that you own the disk. Not only do you lower the risk of scratched disks but you can continue to use scratched ones. For example, I have an old Mass Effect 1 & a Perfect Dark Zero
disk that were scratched; I borrowed a friend's copies to install but can still use my own to play the Hard Disk content.



In the case of GTA V, you need to install the "Install" disk to the Hard Drive and they recommend not to install the "Play" disk to the same drive. However, you could install an unscratched "Play" disk to a USB drive instead. Hopefully, you can then continue
to play GTA V (with the scratched disk for license purposes)

A circle scratch is something that cant really be fixed. I worked at a gamestop and we would take those in on trade as defective and send them off to get buffed and even then when they came back, people brought them back. The best thing to do is to replace
it...most stores will be able to do a one time swap out. It happens when the system is moved while playing a game and drops the disc on the lens which is very hard material and just eats deep into it. You should make sure your console is on a flat open stable
surface ON ITS SIDE and always be careful moving around it while its playing. Ive heard of it happening from people just walking by their system when its playing. If where ever you got it doesnt let you swap it out, you can take it to a gamestop or eb games
and trade it in. you wont get full credit but youll get credit for something that doesnt work towards getting a copy that does (since its a new game, youll get a good chunk of credit for it even with the percentage taken off). Installing will not work with
circle scratches and grinding off a layer has little chance of working...also, if a game has been grinded down like that, no where will take it back for swap or trade in.