That's not true because there are still many farmers who are making very good profits. Of course, it depends on what your approach toward farming is, where you're doing your farming, how you're doing it, which cropping pattern you have chosen and why have you chosen it?
If you've gone into farming with the objective of making a quick buck, then you better not get into it because it's more likely that you'll lose all your investment capital let alone make a quick profit. Farming is a long-term occupation and if you want to do well in it, you must dedicate yourself to the activity.
It would be wrong to assume that most of the Indian farmers don't consider farming worthwhile; they still feel proud about their occupation but are compelled to look for other sources of income because of the situation they find themselves in. This is because most farmers are not aware of the 'what', 'where', 'how', 'which' and 'why' of the farming they have been doing till now.
For instance, most places with high rates of farmer suicides have large-scale mono-cropping. Moreover, mono-cropping isn't advisable for Indian farmers who have very small farms and large families to support. Mono-cropping is ideal for farmers in highly industrialized economies where barely 5-10% of the population is into farming. The smallest farmer in those countries has at least a hundred acres to farm with excellent support systems from bankrolling, input subsidies and highly efficient supply chains for huge captive markets.
Indian farmers shouldn't try to copy those models and should practice mixed farming that will cover several agricultural and horticultural crops, livestock farming and cottage and small-scale industries wherever possible. Most importantly, the farmer should know the soil health and water availability to optimize his farm inputs and maximize his profits.