Land is a critical input that impacts on revenue generation of many stakeholders over different eras of socioeconomic development. However, the importance of land on livelihood generation of farming communities through agriculture has been taken very seriously during these days when any outcome becomes more accountable one for grassroot living and its own sustenance. So, reforms and policy formulations have been carried out to overcome any challenges in the sector. As land is a limiting factor, its importance could not be overlooked in the populous country like India where agriculture to industry is necessity for social existence. The present article highlights the history of land, its importance and substituent challenges in present days of socioeconomic development.