India's biotech sector is expected to grow 25-30 per cent during the current fiscal over Rs 1,830 crore [Rs 18.30 billion ($400 million)] revenue generated during 2002-03, according to a joint survey by the Association of Biotechnology Led Enterprises and Biospectrum, a biotechnology publication.

The investments in the sector last year stood at Rs 635 crore (Rs 6.35 billion) and is expected to double in the next two years, an ABLE-Biospectrum statement said in Bangalore on Wednesday.

The Bangalore-based Biocon with a revenue of Rs 255 crore (Rs 2.55 billion) was the biggest biotech firm in India, followed by the Delhi-based Panacea Biotec at Rs 169 crore (Rs 1.69 billion) and Wipro Health Sciences at Rs 98.58 crore (Rs 985.8 million), it said.

Exports of Rs 925 crore (Rs 9.25 billion) had driven the growth of the industry last year, while the domestic sales stood at Rs 855 crore (Rs 8.55 billion), the survey conducted among 100 companies said.

"The biotech activities have been well spread across the country. The North, South and the West regions are the prime ones where the activities have been concentrated," it said.

"Investment in biotech continues to remain inadequate; venture funding is scarce, infrastructure is expensive and regulatory regimes are deficient. Despite this difficult environment, entrepreneurs are bravely setting up new venture signifying the intrinsic belief in biotechnology being the business of the future," Kiran Mazumdar Shaw, president, ABLE and chairperson of Biocon, said.