Out of the seventeen Sustainable Development Goals (SDGs) of the United Nations, six are linked with agriculture. Given that nearly half of the workforce in India is dependent on agriculture, ensuring a decent level of income for farmers will go a long way in meeting these SDGs. This requires a reorientation of the current price policy from a predominant MSP (minimum support price) regime to a more balanced one. This study analyses the implications of moving from a price-based support system to a direct income transfer system. The study suggests that a crop-specific approach with a judicious mix of instruments is needed to meet the objectives of food security, economic viability and environmental sustainability.