Existing research on climate change and monetary policy spans over two strands—regulator-driven green monetary/credit policy and the constraints on the conduct of conventional monetary policy. In view of the dominance of food inflation on the consumer price index in India, the need for food security, and the structural rigidities in the agriculture sector, the linkages between climate change and the agriculture sector assume critical importance. The paper models agricultural production upon the important climate variables and observes statistically significant results. Given the vulnerability of agriculture, monetary policy in India needs to be redesigned in favour of incomes as the first priority, as against inflation targeting. This implies a nuanced handling of an integrated macro framework with green credit policy, long-term agricultural reform, and welfare economics.