Hi, Sougata ...
You were looking for the cheap way ... a powerful Cy8C29466 ( 32K ) costs here 7 Euros ( 9 US$ ) !!! and the IDE is free ... and no expensive peripheral needed.
That's the reason of my answer.
Q1. How to modulate (AM) the sinewave digitally ?
maybe generating your Analogic output across a full port ( an R-2R ladder ... as simple as this ! ) could solve the problem for a honest 256 steps amplitude resolution ...
Alain
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Why insist on using 32 Bits when you're not even able to deal with the first 8 ones ??? ehhhhhh ...
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IF there is the word "Problem" in your question ...
certainly the answer is " RTFM " or " RTFDataSheet " !!!
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