India's growth story is still 'credible': RBI chief

India's growth story is still "credible", the Reserve Bank governor Duvvuri Subbarao said on Friday.

Inflation should be brought down first to 5 per cent, and then lower, consistent with India's broader integration into the global economy, Subbarao said in a speech in Chandigarh, an advance copy of which was provided to the media.

The Reserve Bank of India has lowered the country's growth forecast to 7.6 per cent for the current fiscal year ending in March from 8 per cent previously.