India’s poultry sector felled by culling due to coronavirus rumours
Prices have recovered to just above production costs, after social media said chickens carry the virus, with farmers needing up to $2.7bn in loans
04 August 2020 - 14:06
New Delhi — India’s poultry industry is in dire need of cash after prices slumped earlier this year on speculation fanned by social media that chickens could spread the coronavirus, according to one of the nation’s top producers.
Chicken prices at the farm gate plummeted as much as 70% in March from January, forcing farmers to cull large numbers and causing huge losses, said Suresh Chitturi, vice chair and MD of Srinivasa Farms. Prices have now recovered to just above production costs, but banks are still not willing to lend, he said...
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