New Delhi: Buoyed by the current outsourcing trend, Software Technology Park of India, Hyderabad, is aiming an export turnover of $ 1 billion in the current fiscal.

"We are targeting software exports in the range of Rs 4,500 crore-Rs 4,700 crore (Rs 45 billion-Rs 47 billion) in 2003-04 from Rs 3,700 crore (Rs 37 billion) last fiscal," Vijay Kumar, director, STPI-H, said in New Delhi.

"We hope to touch $ 1 billion export turnover this fiscal," he said.

Kumar said STPI-Hyderabad, currently at the fourth position in terms of export turnover in the country after Bangalore, Noida and Chennai, is targeting the second slot by 2007.

"We aim to overtake Noida and Chennai by 2007 in software export turnover," Kumar said.

Large MNCs like GE Caps, Microsoft, Oracle, HSBC, CSC and Dell have set up their base in Hyderabad and companies like Infosys, TCS, Satyam, HSBC have ramped up their Hyderabad operations. All these would help us in achieving our $ 1 billion software export target, he said.

Hyderabad is rapidly becoming a destination for business process outsourcing (BPO) companies. Bank of America's recent decision to set up an ITES centre in Andhra Pradesh and Kanbay Inc's announcement of plans to set up its development-cum-learning centre will strengthen the State's endeavour to be a BPO hotspot, he added.