Mumbai: Software and services sector growth in the country could be slower than expected this year as the global financial crisis hits exports, the National Association of Software and Service Companies (Nasscom) has said.

Software export growth could slip by a few percentage points for 2008-09 due to the US financial crisis but would be able to meet the $60-billion target for 2010, its president Som Mittal said.

Nasscom, which  in July had forecast revenue growth between 21 per cent and 24 per cent to about $50 billion in the year ending March 2009, is expected to revise its growth projections in December.

''It is clear that the financial crisis has impacted the industry. By how much we would come to know in December after the review comes up. I would think it would be minor by a few percentage points if at all. We have already lowered the growth rate target from 30 per cent to 23-24 per cent,'' Mittal said.

''There will be short to medium-term impact, which we define as three to four quarters. I won't be surprised if the numbers are tempered down,'' he added..

For Indian software and outsourcing firms who earn roughly half their revenue from the US, the collapse of major US banks have dealt a big blow to their earnings plans.

The financial turmoil has also prompted Indian IT firms to explore new markets in Europe, Asia and the Middle East to limit dependence on the US.

The US government's $700 billion bailout fund to buy bad debt is likely to lead to recovery of the markets, Mittal said.