India has witnessed a huge number of farmer suicides mainly due to crop failure. Diversification of crops can be an efficient way for diminishing the impact of risk. Indian agriculture has been largely influenced by various restrictions and potentiality offered by WTO regime, making India to import food‐product from other countries. It might have severe ramifications for Indian agriculture sectors. On other hand, it allows production of high‐value horticultural and animal products to meet rising consumption and demand by more affluent foreign and domestic consumers. In addition, Indian agriculture has advocated production of wheat–paddy, which involves serious socioeconomic and ecological implications that decline in factor productivity, reducing agricultural self‐employment, over exploitation of groundwater, and reducing the soil health. Introduction of new cultivated/improved varieties with diversified genes is of paramount importance for sustaining existing cropping system in climate change scenario. In view of the above challenges, diversification to horticulture, agro‐forestry, and livestock can be an expedient solution. Diversification may enhance employments as horticulture, agro‐forestry, and livestock engage a larger workforce than the traditional crops.