India is experiencing a paradigm shift from social welfare to welfare capitalism. Therefore, it is the need of the hour to frame a policy that focuses on the “collectivization of farmers for capitalization". The journey has led from the “Cooperative Movement” to the “New Producer Company Movement” where the structure of the cooperative societies and the efficiency of a private company is combined. The concept of the FPC was introduced by a committee headed by economist Y.K. Alagh in the year 2000, and 2003, the producer company act was passed by incorporating Part IX-A into the company act, 1956. Indian government providing special support for the promotion and formation of farmer producer companies. But the question to be asked is how much the new policy on Farmer Producer Organisations focuses on the involvement and participation of farmers and how much it is successful at the ground level. Considering the above issues, the present study entitled “An appraisal of dairy-based farmer producer companies in India” is proposed with the specific objectives of the role of FPCs in the enhancing farmer income. The proposed study was conducted on 12 FPCs of three stats i.e. Uttar Pradesh, Rajasthan, and Madhya Pradesh. A sample size of 25 farmers from each farmer producer company and 5 official people was selected, thus constituting a sample size of 360 for the study. The data were collected both from primary and secondary sources and a semi-structured interview schedule was developed for the purpose. The study found that FPCs play a significant role in the capacity building of stakeholders regarding scientific dairy farming practices, processing, and marketing of milk and milk products and have a significant impact on the overall socio-economic development of member farmers and enhanced their livelihood wellbeing.