India needs to make significant investments in modernisation of agriculture as well as food processing if the country wants to double farmer's income by 2022, German ambassador Martin Ney said.

The German companies could help India immensely in transforming the agri-business in the country, he said.

"The doubling of farmers' income is possible if sufficient investment is made in modernisation, diversification and high value addition in Indian agriculture," Ney said at an event here on financing for agriculture.

As many as 23 Indian companies have formed an alliance to partner with German companies to work together in the field of agri-business.

"A declaration would be signed soon. Joint efforts are required to make farming more profitable and attractive for young people," the German ambassador to India said.

Presently, India and Germany have bilateral co-operation in food safety, seed development and agri education, he said, while highlighting that German companies have presence in Indian agriculture sector.

V N Kale, additional Commissioner in the Agriculture Ministry, Sami Khan of Rabo Equity Advisor, Sunil Kumar of Nabard, Dennis Verghese of Tata Capital and Nitin Puri of Yes Bank spoke about the financing in the agriculture sector.