Comparing and contrasting the Indian states of Punjab and Bihar, this study argues that whereas Punjab farming has bright prospects for a new phase of corporatization, Bihar's agriculture is still caught in the web of subsistence farming. As it looks at the impact of recent agriculture-related policy changes on the emerging production, marketing, and earning status of small versus large farms, this analysis reveals how farmers’ opinions contend that only the large and mid-sized farms benefited from the reform process, and examines the potential for better reform.