Human activities are responsible for emitting greenhouse gases (GHGs) that contribute to global warming and climate change. As the world's second-largest producer of staple food and the third-largest emitter of GHGs, India has been witnessing an increase in demand for food and energy, resulting in increased emissions. Thus, to achieve net carbon neutrality by 2070, India must focus urgently on climate change mitigation. Its agriculture sector has the potential to transition from being a net emitter to a net absorber of GHGs by adopting sustainable farming practices such as zero tillage, laser-assisted precision land leveling, direct seeding of rice, intercropping, biochar application, use of solar energy, and more efficient management of irrigation water, soil nutrients, livestock feed, and manure. To incentivize climate consciousness, a voluntary carbon credit trading system could be utilized in agriculture, supported by a measurement, monitoring, reporting, and verification platform. This system would also bring about social, environmental, and financial co-benefits for its stakeholders. Specifically, the agriculture sector could substantially reduce the country's annual emissions by 84% from 2019 to 2070. But to realize their potential, the carbon markets must overcome the limitations currently set by policy, economic, cultural, and biophysical factors.