Reserve Bank of India Governor D Subbarao has said that inflation at current levels is unacceptable and it is the collective responsibility of the government, the central bank and industry to revive economic growth. Addressing the annual general meeting of the Indian Merchants Chamber in Mumbai last evening, Subbarao said India's growth story is still credible but not inevitable. Subbarao also pointed out that global crises, especially in the euro-zone, movement of oil and commodity prices along with domestic factors like policy reforms and progress of the monsoon would decide the growth-inflation outlook going forward. Regarding fiscal deficit, Mr Subbarao said that the government should cut unproductive expenditure to lower fiscal deficit and not by resorting to high taxes.