Farmers in developing countries are more exposed to frequent climatic shocks, and they, in the absence of a well-functioning market for crop insurance, rely on their own risk management strategies to reduce adverse effects of climatic shocks on agricultural production. This study evaluates adaptation benefits of farmers’ own risk management strategies in Indian agriculture, and comes out four key highlights. One, farmers, based on their historical exposures to climatic shocks, resource endowments and access to information and credit, often use more than one risk management measure at a time. Two, all risk management strategies, including the mitigation, transfer and coping, contribute towards improving agricultural productivity and reducing downside risk exposure, but it is the risk mitigation strategy that is more efficient. Three, joint adoption of risk management strategies generates even larger adaptation benefits. Four, although joint adoption of these strategies is positively associated with farm size, with information and liquidity constraints relaxed probability of their joint adoption is likely to increase on smaller farms.