This paper aims to evaluate the role of periodic marketplaces in fostering rural development. In the context of India’s developing economy, these marketplaces serve as critical socio-economic institutions. The study is based on primary data collected through direct questionnaires. Six periodic markets, along with their tributary areas, were selected as the focus of the study. To assess the impact of these markets on rural development, 705 participants were interviewed on various social and economic dimensions. Additionally, nine socio-economic indicators were analyzed in detail. The findings reveal that a significant proportion of participants belong to disadvantaged and small to medium income groups. This is largely due to the availability of affordable goods and locally produced items in these markets. Periodic marketplaces emerge as hubs of multi-functional activities, encompassing social, economic, cultural, and political dimensions. They offer a comprehensive reflection of rural life in this region of North India.