India's sugar mills caught in a five-way squeeze and farmers may pay the price: Praful Vithalani

India's sugar industry faces a crisis as policy shifts and frozen prices threaten its decade-long diversification into ethanol. Cooperative mills in Maharashtra are hit hardest, risking farmer discontent and a return to cyclicality. While export opportunities exist, stabilizing finances is crucial for mills to capitalize on global demand, says Praful Vithalani.