Biotechnology is undoubtedly a blooming field for research as well as interesting from an industry point of view. The NRCPB (National Research Centre on Plant Biotechnology), BRSI (The Biotech Research Society, India) are doing a good job in this field.
Students of premier institutes like IISC, IITs have often grabbed very good positions in research facilities in India. In my opinion, both IISc is a very good option if you are oriented towards a career in research and development.
Why do people always have a mentality that even now, biotech is better if studied outside India?
But the most common problem faced by research in any field is funding and industry participation. In this, I think countries like USA are far ahead of India. There is definitely no dearth of brains and interest of researchers in India, but as long as sufficient money is not given for research and development, no research facility can go very far.
It is best to keep your options open!
Have you already completed B.Tech / B.Sc? I would suggest that you apply for higher studies in Indian universities as well as prepare for scholarship and entrance exams for pursuing higher studies abroad. If you get a good opportunity abroad, even I would suggest you take that; unless you get in one of the best colleges in India.
Weigh your options wisely and do your best
Even if you do PG from a not so well known college, your track record should be excellent. It is a fact that your performance matters more than the reputation / standing of the college where you get your degree. Research facilities across the globe are looking for good brains, irrespective of nationality. So if you have interest in a field, give it your 100% and opportunities will come knocking on your door!