Improvement of efficiency in electrical machines for water lifting applications in agricultural sector results in large energy savings, which is very much important in the present scenario of energy crisis. Single and three phase induction motors are most commonly used in such applications. However, these machines consume more energy due to their low efficiencies. A comprehensive performance evaluation including the machine design, selection of converter topologies, method of control, practical implementation of drive system, and vibration analysis for an agriculture applications is not done so far. This paper discuses to design Switched Reluctance Motor suitable for use in agricultural applications. Select suitable drive systems for this motor, giving considerations to lower switching losses and easiness of control. To investigate suitable control strategies for the speed control of the motor. Experimental validation of the performances of the motor, along with the vibration analysis. A real time experiment is also conducted to demonstrate the suitability of Switched Reluctance Motor drive for water lifting application and finally, per year unit consumption of Single Phase Induction Motor and Switched Reluctance Motor are compared to prove the economic superiority of Switched Reluctance Motor.