The real turnaround of the Indian sugar industry will depend much on the full implementation of the Rangarajan Committee's recommendations, especially implementation of sugarcane price-sugar price linkage formula, Care Ratings has said in its report. Despite the government's recent initiatives such as export subsidy, hike in import duty on raw sugar and hike in ethanol blending requirements, these measures will only provide some respite to the ailing industry in the short-term and the revival of the same is still dependent on the regulatory environment, it added.