Setting the tone for annual Budget-making exercise, agriculture economists on Friday demanded revamping of the farm credit system even as they voiced opposition to any fresh development scheme for the sector.

"Already, a number of schemes related to agriculture exist and there is no need for a fresh one. But credit for the farm sector should be stepped up," academician and former chairman, Commission on Agriculture Costs and Prices, Abhijeet Sen, said in New Delhi.

Sen and a number of farm experts from across the country met Finance Minister P Chidambaram, in the run up to the budget to give vital inputs for the annual exercise.

After the meeting, Sen said there was an urgent need for writing-off bad loans to give relief to the farmers and improving the banks' balance sheets.

Common Minimum Programme of the Congress-led government has proposed doubling of farm credit in three years.

Speaking on behalf of other agri-economists from state varsities and farm agencies, Sen stressed on the need for consolidation of insurance schemes, as at present there were separate ones for crop sowing and farm income.

Revival of cooperative banks, which are critical for the farm credit system, also figured in the talks with the FM.