Organic Farming in Punjab is like reintroducing some thing a man has lost due to some accident or in pursuer of circumstances. Though it is being said that organic farming is comparatively new field for the farmers of Punjab, although they practiced it since time immemorial, It was during the green revolution years of sixties and seventies of twentieth century that the abandoned it. The revival of sustainable and organic farming practices in Punjab can be called as a rescue mission and an effort to retrieve the lost heritage. So it is the appropriate time to discuss the problems of organic farming in a very vast spectrum. To support those brave farmers of Punjab who have dared to adopt organic path of agriculture in the very capital of green revolution some one should take an initiative to bring expertise debate right in to fields of Punjab. There isn't any piece of land in Punjab where crops can be grown without inorganic synthetic fertilizers and pesticides. Virtually the total land of Punjab has turned barren because it has lost its natural nutrient pool. The situation is alarming and the signs are ominous. With the advent of green revolution, the pesticide centric agriculture had taken centre stage in country's planning and perception and Punjab has become most vital component of this chemicalized agriculture system. Since then, the Punjab was projected as the model state for the success of green revolution; it has become the centre of intensive agriculture practises from 50's. During last five decades, India has increased the consumption of pesticides from 154MT in 1953-54 to 80,000 MT in 1994-95. Therefore, Punjab is leader in the high use of pesticides. Consumption of grade pesticides in Punjab is highest in country. Punjab is consuming 7100 MT of pesticides for its 7693 hectares with the percentage of 923 gms per ha. Punjab has highest pesticide load among the Indian states. More over the cotton belt of Malwa is consuming highest pesticide density in country. Punjab is just 2.5% area of total agriculture land in India and it consumers near 18% pesticides of the country, where as the cotton belt comprises only 15% area of Punjab and it consumes nearly 70% pesticide of the state. Thus, making equation more dangerous. Malwa's cotton belt is less then 0.5 % geographical area of country but almost 10 % pesticides of country are used here. The cost of inputs in agriculture is increasing day-by-day; land holdings are simultaneously decreasing making agriculture unviable for majority of farmers. Baring some big farmers, almost all are caught in the debt trap and are unable to repay their loans. Punjab has the highest per-capita debt of Rs. 4163. The land is mortgaged with the moneylenders, who some times use hard tactics for recovery. Farmers live in the fear of loosing their lands. It is not surprising that Panchayat of Harkishanpura in district Bathinda and Mal Singh Wala in Mansa district had passed a resolution announcing that the village was up for sale. In Punjab, honour is a sacred word, the people here are a proud lot, and they attach great importance to their dignity. Due to their inability to pay back the huge debts, the hundreds of farmers have committed suicide in Punjab. Green revolution has not only gone sour, it has now turned red. The huge number of suicides is a testimony to the entire equation going wrong. 2. Variable costs: these include 1. Fixed Costs: these include Intereston Fixed capital, Depreciation, taxes(if any paid by the farmer) and Land rents, etc In order to work out the economics of organic farming vis-à-vis chemical farming, the cost of production of different costs have been worked out by using standard cost concepts. There are 2 main heads under which costs are calculated. Items of Cost: The study was carried out in the month of May-June 2007. The data collected was confined for 1 Rabi season. i.e October- March 2006-07, and for 1 crop i.e. Wheat. Field investigation was carried out for the research purpose. An open-ended Questionnaire was designed and prepared for the interview. Personal interviews were of the form of Semi-structured interview. This study was sponsored and supported by "KHETIVIRAST" a NGO working on environmental issues and sustainable agriculture in the state of Punjab. Most of the data was collected in farms at the villages of Nabha Block in Patiala District of Punjab. Data was also collected from the farms in Bathinda, Nakodar, Sangrur and Ropar Districts where Organic Farming is practiced. Data and Research Methodology: PRIMARY DATA Economics of debt and suicides: Impact on ecology and health: A slight change in the eco system can cause very devastating and long-term effect on the health of all living organisms including humans. Use of very high doses of lethal agro chemicals in agriculture during these days is responsible for the spurt of many diseases, which were very rare in the past. We seem to be quite close to a stage, which can rightly be called "agriculture chaos" The time to act is now. In the present circumstances, organic farming is perhaps the only alternative, which can help us to come out of this agricultural and ecological crisis in Punjab. There is a need to shift from 'Quantity' to 'Quality' and that is possible only if the issue is understood holistically.