Research in and for agriculture has significant potential to address the current and future challenges to transforming agri-food production systems as more productive, efficient, and sustainable. In India, most research in agriculture and allied activities is carried out in public-sector institutions. Agricultural R&D, however, remains underinvested. In 2020-21, the country spent about 0.54% of agricultural gross domestic product on research and 0.11% on extension, much less than their corresponding global levels. Nevertheless, there is a strong justification for more investment in agricultural R&D. Every rupee spent on research pays back Rs 13.85, and on extension, Rs 7.40. Hence, by 2030, investment in R&D should be raised to at least one percent of the agricultural gross domestic product. Importantly, it should be accompanied by revamping of the research agenda, considering the likely demand for different food and non-food commodities, the current and future challenges, and opportunities. This study suggests more resources for research on livestock, fisheries, natural resource management, and climate adaptation and mitigation, and bridging the regional R&D gaps. The past is the guide to the future. Investment in R&D made today will decide the future course of agricultural development. The evidence presented in this study are of significant importance to research administrators and policymakers in taking informed decisions regarding investment in agricultural R&D and its prioritization for the smooth transformation of agri-food systems.