Mumbai (PTI): Agriculture is the weakest link in India's growth story, Finance Minister P Chidambaram on Friday said.

"The Indian businesses and SMEs would continue to be the engine of the growth of Indian economy as they have great potential to grow, but agriculture is the weakest link," he said at a function here.

About 52 per cent of the country's workforce is dependent on agriculture and it has become unattractive for anyone to engage in it, he said.

So, it is obligatory to help the farming community, he said, justifying his over Rs 60,000-crore loan waiver package for farmers in the Budget 2008-09.

"It is the price that the country has to pay from other resources," he said.

"We have forgiven the debt of farmers so that they can start on a clean slate."

In many countries, farming is dead and they do not make food, he said. "India cannot afford that because we cannot be dependent on imports. We have to be self-sufficient," Chidambaram said.

Every country has banned export of wheat this year, he said. "We need to be self-sufficient in wheat, spices, pulses and sugar," the Minister said.

On the mega debt relief package for farmers, the FM said Rs 40,000 crore in cash would be given to banks in the next 14 months.