India’s cotton economy has witnessed significant changes after the introduction of Bt technology in 2002. In a relatively short span of 10 years, the country has become the second largest producer of cotton in the world. The rapid growth in India’s cotton production has attracted a lot of attention within as well as outside the country due to a highly contentious debate that took place before and immediately after the introduction of this technology. The purpose of this study is to undertake a fresh and comprehensive assessment of how the introduction of Bt technology transformed the socioeconomic status of cotton growers and benefited industries associated with cotton.