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In India, the past couple of decades witnessed, simultaneously, a massive shift of employment out of agriculture, substantial urban growth in heretofore rural regions, and rapid increases in the rates of labor migration. But very little is known about new livelihoods being forged or the whereabouts of these livelihoods. We draw on extensive primary data collected at two sites in West Bengal and Bihar, along with a comprehensive analysis of population census and GIS data, to investigate livelihood transformations and household well-being. We observe large-scale change, exceeding common perceptions of academics and policy makers. While the shift out of agriculture is momentous, alternative local livelihoods are scarce and, more than ever, labor migration offers a way out for many households. Traditional seasonal migration has made way for more permanent forms of circular labor migration. Our comparative …