New Delhi plans to double farmers' incomes

India pledged to invest billions of dollars on Monday to improve the lives of farmers and boost the rural economy, drive consumer demand and stimulate growth.

Indian Finance Minister Arun Jaitely proposed spending nearly $13 billion on rural development, promising higher incomes for farmers who form the majority of India's 1.2 billion people.

Presenting the annual budget for 2016-17, he forecast that India would grow by 7.6 percent in the year ending in March. The government intends to distribute the benefits of growth among the poorer sections of society, including the vast majority of India's farmers, he said.