The Indian Animal Husbandry and Dairy business is critical to the rural economy's growth. A recovery in economic activity, rising per capita consumption of milk and milk products, shifting dietary choices, and expanding urbanization in India have all contributed to the dairy industry growing by 9-11% in 2021-22.
Milma signed a memorandum of understanding (MoU) with the Agricultural Insurance Company of India Ltd (AIC) on Wednesday to launch the livestock insurance scheme dubbed 'Saral Krishi Bima.'
To begin, the program, which is being implemented by Milma in collaboration with AIC and AIMS Insurance, would be available to dairy farmers who are members of the Malabar Regional Cooperative Milk Producers Union (MRCMPU), according to Milma officials.
The policy, which applies to cows and buffaloes, provides farmers with insurance compensation if the temperature exceeds the prescribed limits for six consecutive days or more, resulting in a significant drop in milk yield.
The temperature limit in Palakkad and Wayanad districts is 37 degrees Celsius, Kannur and Kasaragod 34.5 degrees Celsius, Malappuram 33.5 degrees Celsius, and Kozhikode 33 degrees Celsius, according to the scheme.
Farmers will be compensated if the temperature exceeds the limit for more than six days, 440 for more than eight days, 900 for more than 10 days, and 2,000 for more than 25 days, according to a Milma statement.
Farmers can sign up for the scheme through their dairy co-operative societies. After reading the recorded temperature of the particular location using satellite data, the insurance provider will issue the benefit.
