NEW DELHI, Sept. 3 -- India's services economy grew in August, but the pace of expansion was the slowest in more than four years, as subdued bookings and intense competition tempered an otherwise resilient demand, a private survey showed on Thursday.

The seasonally adjusted HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 54.1 in August from 53.3 in July. The headline reading was slightly below its long-run average of 54.5 and, despite the August improvement, remained the second-weakest since March 2022. A PMI above 50.0 signals expansion in activity.

New business grew at a faster pace, helped by stronger customer demand and marketing initiatives. International demand also remained supportive, with n...