"Tropical" can start from as little as Rs.450/yard. It is basically plastic.
It depends on the composition of the fabric. Higher the wool content, the higher the price.
Also, do mention the purpose/application of the suit. Is it for work?
You wrote "premium", that's why I mentioned 100% wool. Anything other than that is not premium. In fact even 100% wool is not premium. Premium is cashmere or silk or a blend of these with wool and a high thread count.