Suhail Bhat
SRINAGAR, June 27: Markets in Kashmir experience an unusual business slump ahead of Eid-ul-Azha, with shopkeepers attributing the decline in sales to the deteriorating economic conditions of the people.
The markets across the Valley usually witness a bustling festive atmosphere during this time, but the lack of rush this year is causing concern among shopkeepers, washing away their hopes of good business on the Eid festival, which they eagerly await throughout the year.
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Shopkeepers believe that the decline in sales is likely due to the cumulative effects of the COVID-19 pandemic and the aftermath of the abrogation of Article 370, which have significantly impacted the ability of people to spend on festivities.
“This is the first time in my life that I have witnessed such a slump in business ahead of Eid. There used to be a lot of rush before Eid, but apart from a few tourists, no one is walking on the road. I think people either do not have money or the developmental works have hindered the movement of people in Lal Chowk,” said a shopkeeper from Srinagar’s commercial hub, Lal Chowk.
He said the economic condition of the people, particularly the lower middle class, is weak this year. “With only two days left for Eid, the lack of customers reflects the economic disempowerment of the people, which is a matter of concern. The government needs to investigate the reasons behind this economic downturn and take the necessary steps to address it,” he said.
Echoing similar concerns, Riyaz Ahmad, another shopkeeper from South Kashmir’s Pampore area, said that the declining buying capacity of the people has impacted the market. “Even offering phones on easy monthly installments does not entice customers, as they are unable to pay even a small down payment,” a shopkeeper said.
Shopkeepers across South and North Kashmir have expressed their concerns over declining sales, attributing them to last year’s losses suffered by fruit growers. They said the halting of fruit-laden trucks on the Jammu-Srinagar Highway and the import of Iranian apples have significantly impacted the economy. They said these fruit growers are the driving force behind Kashmir’s economy, and the losses incurred by this sector have had a ripple effect on businesses in the region.
“Previously, our shop witnessed a massive rush of customers for bakery items, but this year it is the opposite, as we are eagerly waiting for customers to come. It is truly unfortunate to witness such circumstances,” a bakery shop owner in South Kashmir’s Pulwama area said.
Livestock markets, although witnessing some activity, have also been affected by the deteriorating economic conditions. At the Valley’s primary livestock market in the Eidgah area of Srinagar, a small number of customers are purchasing sacrificial animals, leading to disappointment among livestock dealers who depend on this business for their livelihood.
“I am going through the worst phase for the last three to four years. I reared these animals for 4-5 years with the hope of making a good profit. I cannot earn anything at present rates,” said a livestock dealer from Ganderbal.
Gujjars and Bakarwals, who rely on selling sacrificial animals during Eid, have been hit hard. A seasonal migrant from Jammu, Mohammad Ali, expressed difficulty in selling the animals he had reared throughout the year as there were fewer customers.
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