Agricultural development of India has been agitating the minds of Indian politicians, the policy makers, the planners, the agricultural scientists and farmers since independence. A number of agricultural development plans gave rise to institutional and technological changes in the food grains production in the country. There are many empirical studies witnessing that the area under some crops increased over time while under some others it either decreased and /or remained stagnant. Despite a technological breakthrough in agriculture, the Indian agriculture is still a gamble of monsoon. This leads to high degree of risks and uncertainty in production, prices and farm incomes because the farmers are often not sure about the outcomes from agriculture due to weather and market induced risks.