The prospects and implications for continued and possibly rapid extension of the broader effort at greenhouse gas mitigation and the specific effort of carbon markets in India are assessed along four axes: (i) the global experience of mitigation and carbon markets in agriculture in the global North, who are expected to be leaders in such actions; (ii) the theoretical prospects of carbon markets and carbon offsets in agriculture, with special reference to welfare and distributional aspects; (iii) the key initiatives in GHG mitigation and carbon trading related to Indian agriculture; and (iv) considerations of the priority to be assigned to both mitigation and carbon trading in Indian agriculture both in the international and intra-national contexts.