"As far as the immediate problem is concerned, you have to be liberal in distributing relief and in terms of being liberal, the first thing that we have done is increased by 50 per cent the aid given to them during the UPA period.
"I concede it's not enough, I would personally prefer to even give more and I can assure everybody that 50 per cent is the first step and many more steps are going to come," Jaitley said.
As part of that, the amount of compensation given to farmers has been increased to 1.5 times.
"If earlier, he was getting Rs 100 as compensation, now he will get Rs 150, if it was Rs 1 lakh, he will get Rs 1.5 lakh... A 50 percent increase," Modi had said.
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Unseasonal rains and hailstorm last month have destroyed crops and even lead to farmer suicides.
Jaitley said the long term solution is not invest in irrigation projects.