This study presents a comprehensive analysis of extreme events, especially drought and wet events, spanning over the past years, evaluating their trends over time. An investigation of future projections under various scenarios such as SSP-126, SS-245, and SSP-585 for the near (2023–2048), mid (2049–2074), and far future (2075–2100) using the bias-corrected Coupled Model Intercomparisons Project 6 (CMIP6) multi-model ensemble method was also performed. The Standard Precipitation Index (SPI), a simple yet incredibly sensitive tool for measuring changes in drought, is utilized in this study, providing a valuable assessment of drought conditions across multiple timescales. The historical analysis shows that there is a significant increase in drought frequency in subdivisions such as East MP, Chhattisgarh, East UP, East Rajasthan, Tamil Nadu, and Rayalaseema over the past decades. Our findings from a meticulous examination of historical rainfall trends spanning from 1951 to 2022 show a noticeable decline in rainfall across various regions such as Uttar Pradesh, Chhattisgarh, Marathwada, and north-eastern states, with a concurrent increase in rainfall over areas such as Gujarat, adjoining regions of West MP and East Rajasthan, and South Interior Karnataka. The future projection portrays an unpredictable pattern of extreme events, including droughts and wet events, with indications that wet frequency is set to increase under extreme SSP scenarios, particularly over time, while highlighting the susceptibility of the northwest and south peninsula regions to a higher incidence of drought events in the near future. Analyzing the causes of the increase in drought frequency is crucial to mitigate its worst impacts, and recent experiences of drought consequences can help in effective planning and decision-making, requiring appropriate mitigation strategies in the vulnerable subdivisions.