New Delhi, Aug. 5 -- India's service economy grew at its slowest pace in nearly 4.5 years in July as challenging market conditions, moderate new business inflows, and order postponements slowed business activity, a private survey showed on Wednesday.

The HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 53.3 in July from 57.4 in June, the lowest since February 2022.

The reading was also below the long-run average of 54.4 but above the neutral reading of 50.0, which separates expansion from decline.

The survey said the slowing sales and output also impacted employment as hiring activity remained broadly stagnant and business confidence faded.

After sinking to a six-month low in June, there was an imp...