India has emerged as the biggest sugar producer after Brazil producing 32.2 million MT sugar which is nearly 20% of global sugar output and is the top most consumer of the sugar in the world. The Indian sugar industry which encompasses about 524 operating sugar mills, 180 integrated distilleries and 260 co-generation plants lacks sustainability and has now realized that sugar, molasses and bagasse can no longer be regarded as final product or by-products from sugar industry. Thus, value additions, diversifications and transformations are to be vigorously investigated as possible routes to new market and making sugar industry less dependent on single commodity, i.e., sugar. The future of the sugar industry, as a whole, lies in development of sugarcane bio-refineries, i.e., bio-electricity, bio-ethanol, bio-manure and chemicals, etc. Sugar industry can be potential source of providing renewable, clean and green bioenergy in the interest of the industry itself by creating value addition, energy security for the nation and also to address the environmental issues.