BANGALORE: India's IT software and services sector are expected to clock revenues of USD 50 billion this fiscal as against USD 39.6 billion in 2006-07, Nasscom annual survey said.However, the growth rate in the sector is expected to slow down to 24-27 per cent compared to 30.7 per cent achieved in FY07.The Indian IT-ITeS industry recorded an overall 30.7 per cent growth against the projected 27 per cent in 2006-07.

The revenues were up from USD 30.3 billion in 2005-06.The software and services exports segment grew by 33 per cent to register revenues of USD 31.4 billion in 2006-07, up from USD 23.6 billion in 2005-06. The domestic segment grew by 23 per cent to register revenues of USD 8.2 billion against USD 6.7 billion in 2005-06.

"We are confident that the forecast (exports plus domestic market) of USD 50 billion in 2007-08 will be achieved, as will the target of USD 60 billion exports by 2009-10," Nasscom President Kiran Karnik told reporters here.While India continues to be the most preferred destination for global IT sourcing due to its talent pool, top-quality management and security and quality focus, there are certain short to medium term challenges that need to be addressed swiftly, he said."These include rupee appreciation, suitability of available talent, infrastructure development and sustenance of a positive regulatory environment," Karnik said.

These require timely, consistent and continued effort from all stakeholders including industry, government and academia, he added.Nasscom released the annual ranking of top 20 IT software and service exporters in India in 2006-07 in which TCS maintained its position as the leading exporter followed by Infosys and Wipro. Nasscom Chairman Lakshmi Narayanan said the industry continued to be among the largest job creators, employing more than 1.6 million directly six million people in related industries.

"The industry also significantly impacted socio-economic development by contributing 5.2 per cent to the national GDP," he said.Karnik said from a market opportunity perspective, the indicators continue to be positive with a potential market of over USD 300 billion, driven by growth of existing business and new services line opportunities.In the annual ranking of 20 top IT software and service exporters in India in 2006-07, Satyam stood fourth, followed by HCL Technologies, Tech Mahindra, Patni, I-flex, L&T Infotech, Polaris, Hexaware, Flextronics, MphasiS BFL, Mastek, Siemens Information Systems, NIIT Technologies, Prithvi Information Solutions, Genpact, i-Gate Global and Birlasoft.