Agriculture is a backbone of economy in the Indian state of Punjab where Green revolution was introduced early in 1960s and has contributed largely to make India self-sufficient in food production. Although, Green Revolution has enhanced food production and consequently the economic returns in agriculture sector, but it has many backlash effects. This study analyses the modern agriculture systems that were introduced with Green Revolution largely at the expense of over-and misuse of land and water resources and loss of biodiversity. It further evaluates the impact of changes in agricultural systems on the breakdown of socio cultural fabric. Rural people, particularly agricultural communities, are facing many serious problems including farmer’s suicides, health problems such as cancer, loss of work culture among the youngsters, excessive use of alcohol and drugs and loss of cultural identity for people. Punjab, which used to be one of the progressive states in India, is suffering from the loss of natural, social and health capital. This study applies an integrated approach to assess the various costs and benefits of the current agricultural system in terms of well-being of people and of associated ecological and economic perspectives. It further suggests some innovative solutions for the current problems. A holistic approach applied in this study to assess the Green Revolution from socio-cultural, economic and ecological perspectives provides an in depth view of the problems that people are facing in so called economically developed state of Punjab in India.