Mumbai: After cutting India's sovereign ratings recently, Moody's Investor Services on Thursday also cut India's growth forecast to 5.6 per cent for the calendar year 2019 for reasons of subdued consumer demand, along with sluggish liquidity supply. "We expect economic activity to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent, respectively, but the pace to remain lower than in the recent past," Moody's said in Global Macro Outlook 2020-21.