At the CNBC-TV18 India Business Leader Awards, Finance Minister Arun Jaitley said that the farming sector has been distressed and the markets would understand if a government approach on the same is rational and not populist one. Through video conferencing from New York, where he is right now for health treatment, he said, "Markets will never understand if you act for the sake of populism. But if it's in the larger interest because of a compelling situation that develops, that's a logical thing that markets tend to understand."

He, however, did not reveal any details. "Without getting into the specifics, because that would be disclosing the mind in which we are working, (I can say that) you cannot opt to wait on some of the challenges. Therefore, obviously, there will be a necessity to address them. It has happened in the past. So we intend to work within the parameters of the conventions as they exist," he said.

Earlier this week, PTI reported that the agriculture ministry has prepared a cabinet note on "addressing income deficit syndrome of small and marginal farmers" proposing various steps, including a financial package and interest waiver for timely crop loan repayers. In line with the report, Agriculture Minister Radha Mohan Singh on Thursday said, "When it will be announced, everyone will get to know. ...Every year before or during the budget, we have announced something new for farmers. Definitely, there will be something for farmers this time too."