In India, the agriculture sector is constantly improving its mechanism to maximize output and ensure food security. However, a large population is leaving farming practices because of the low-income generation. As a result, in 2016, the government of India formed an interministerial committee for the evaluation of existing problems and then recommends feasible strategies to accomplish the mission of 'Doubling Farmers' Income by 2022'. In this review, we have discussed the concept of doubling farmers' income, its present standpoints, challenges and the role of the Indian government in mitigating the same. Further, the innovative approaches to meet the aforementioned goal have also been highlighted. The Indian government has supported various development programs, implemented a large number of schemes and recently, additional income transfer under the PM-KISAN scheme to double farmers' income. Innovative agricultural approaches like advanced farming methods, smart agriculture, diversification and commercialization, climate smart agriculture and nutrition farming if implemented at Pan India level will definitely resulted into income generation. Despite tremendous efforts by the Indian government, some challenges still exist in the agriculture sector and this study gives valuable recommendations that would act as pillars in the policymaking to achieve the 'doubling farmers' income initiative.