The Indian leader spoke a day after a farmer hanged himself from a tree during a demonstration in New Delhi protesting the country's proposed "anti-farmer" land acquisition laws.
"There is nothing more important than the life of the farmer," Modi told Indian lawmakers.
The prime minister added that the issue has long been a matter of "great" concern for the Indian government.
New Delhi police have launched investigation into the latest farmer suicide that came amid protests against the proposed law that was passed in the lower house of the Indian Parliament, last month.
The Land Acquisition Bill, if approved by the upper house of the Parliament, where the government does not have a majority, would ease the rules to acquire land in India.
Farmers' suicides have been a long-standing problem in the densely-populated country where at least half of the 1.23-billion population depend on agriculture for their livelihood.
More than 13,000 Indian farmers killed themselves in 2012, according to India's National Crime Records Bureau.
