Hyderabad, Sep 25 - India's exports of drugs, pharmaceuticals and fine chemicals grew by 29 percent last fiscal to Rs.39,538 crore (around $9.35 billion) compared to the previous fiscal, Commerce and Industry Minister Anand Sharma said Friday.

'In recent times, the Indian pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising from a negligible amount in early 1990s to Rs.29,139.57 crore by 2007-08,' Sharma said while addressing the Indo-Africa Pharma Business Meet here.

'The exports of drugs, pharmaceuticals and fine chemicals of India have grown at a compounded annual growth rate of 17.8 percent during the five-year period of 2003-04 to 2007-08,' the minister added.

Sharma also said growing exports of Indian manufactured drugs to African countries had started 'causing concern' among multinational companies that had in turn started malicious campaigns against Indian generic medicines.