This research studies how agrarian accumulation in India has been reconfigured by liberalisation of the economy. It does so by focusing on accumulation strategies of capitalist farmers in Punjab, India’s archetypal Green Revolution state.

The research concludes that agrarian accumulation is continuing in Punjab under liberalisation, although more precariously than before. State procurement of wheat and paddy from Punjab’s wholesale markets continues to be a major factor supporting this. Some capitalist farmers have also been able to create new spaces for accumulation under the changed circumstances, not least through selective engagement with corporates’ strategies. Therefore, I argue that there is no overarching agrarian crisis in India. However, at the same time, risks have multiplied as various other forms of State support have been reduced–with more reductions in the pipeline. Moreover, conditions in the wider economy have made established strategies of expanding accumulation or averting risk, as the case may be, by investing in land or non-agricultural avenues, both riskier and increasingly less accessible to even many capitalist farmers.