Regarding the two separate claims:
1) Submarine launched nuclear capable cruise missile
According to Russian news ITAR-TASS, Brahmos will "soon" be tested by India on a Kilo submarine.
Pillai said that the submarine version of BrahMos will be tested on one of the Indian submarines and negotiations are underway with the Indian Navy to provide one of its Kilo class submarines for the trials.
It's known that Brahmos is just a Yakhont with Indian markings on it. And the Yakhont is the export version of the Shipwreck, which has a 1,000 km range. But Brahmos is not supposed to exceed 300 km range under missile proliferation treaties.
I've also read reports India is working on a submarine launched version of Agni-III called Agni-3S, as well as a MIRV version called Agni-3+. But Agni-III is still in development, having been tested successfully for the first time recently, so SLBM is still a long way off.
2) Indigenous nuclear submarine to be launched next year
Huh? This thing came out of nowhere. Is this another great Indian exaggeration... like the LCA Tejas (best light fighter in the world), Arjun (best tank in the world) or Avatar (hypersonic scramjet vehicle)?
It's been speculated that Indian sailors have been training on Akula nuclear attack submarines, because Russian is expected to sell an Akula to India. This would explain why there have been no reports of either the development or the construction of this "indigenous" Indian nuclear submarine. The mysterious sub is just the Akula... perhaps with an Indian name... that's set for delivery by 2008.
The implication is interesting... this could really hurt US-Indian relations. The US seeks to build up India's military, but not to the point where it can threaten America with submarine nukes (especially if both the missile and the sub is Russian in origin).