Agriculture has remained at the centre stage of policy and academic discussions in the country due to a variety of reasons in recent decades. Amongst others, the farm crisis has still remained an uncontested issue despite having a plethora of political and economic promises time and again. In a move to address one of the most burning issues i.e. doubling farmers’ income, a number of policy and budgetary announcements have been made during the last five years. As a part of policy actions, in 2016 the Union Government adopted a strategy to double the farmers' income by 2022. As a result, the quantum of budgetary allocations towards agriculture and its allied sectors witnessed a rising trend since then which was considered a welcome step. Total expenditure by the Union Government towards the agriculture sector has increased from Rs. 46361 crore in 2017-18 to Rs. 135854 crore in 2021-22 (BE). However, approximately a three-fold rise in the budgetary allocations does not seem to have a visible positive impact on the condition of farmers. Even if we take agricultural income as the narrower definition of the overall wellbeing of farmers, there does not seem much improvement in recent years.