Kumar,
The best way to regulate blood glucose levels is by what you eat. To regulate blood sugar well, you need to eat a diet that contains complex carbohydrates that are slow release and will sustain blood sugar over longer periods. That is why it is a good idea to eat something such as porridge for breakfast as this is slow release. Eat it with some fruit and you will then get the natural sweetness of the fructose.
If you want to understand this more then you need to look at structure and function. With most things in the body, if you look at the way it is structured, then you can work out its function and the same is true for biochemistry.
If you look at the chemical structure of carbohydrates, simple carbohydrates have shorter chains, which means that they are broken down more quickly by the body. More complex carbohydrates have longer chains and will not be broken down as quickly.
This explains why if you eat a bar of chocolate you will get a sudden burst of energy and then your energy level will drop rapidly and you will want another one. Chocolate is a simple sugar with shorter molecules that are broken down quickly. If you eat a proper meal that contains more complex carbohydrates such as potatoes, some protein and some vegetables, then this all takes longer to break down and hence better blood glucose control.
Eat proper meals during the day and don't miss breakfast. If you want snacks through the day, then pick things such as fruit, dried fruit, nuts and things such as oat cakes rather than biscuits or chocolate. Biscuits and chocolates might be nice, but do contain empty calories. Fruit and nuts contains things that are better for you and that your body needs.
The best way to control blood sugar is with diet, unless of course you are an IDDM, in which case you need insulin. NIDDM's can control their diabetes with diet and many will be told the same thing that I have just told you now.
Everything that you eat must be broken down to glucose, which is the usable form of energy in the body, which is why different foodstuffs will be broken down through different pathways with proteins taking the longest.
As far as I know, Bicarb has little to do with blood sugar regulation and is more involved in pH balance of the blood.