Eid push not enough, markets struggle to recover

Eid push not enough, markets struggle to recover

2014 floods, demonetisation and 2016 uprising take their toll

SRINAGAR: For the third consecutive year since 2014 floods, turnover in businesses other than perishable goods, especially food items, on Eid-ul-Fitr continues to remain at its lowest ebb.
Mohammad Yaseen Khan, President Kashmir Traders and Manufacturers Federation (KTMF), one of the largest trade bodies in the valley, told Kashmir Reader that markets witnessed little business activity on Eid again this year.
“On the eve of Eid-ul-Azha in 2014, there was no flow of money. It was the same in 2015 and 2016. This year is no different,” Yaseen said.
Kashmir began to see a fall in business activities when the economy was hit badly by the 2014 floods. Its effect continued in 2015. When the business was recovering in 2016, Kashmir’s economy hit another blow. Last year, Yaseen said, business activity had recovered a bit during Eid-ul-Fitr, but it reached the same place where it was after 2014 floods.
“Garment stores, textile shops, foot wares had no market this year again,” he added.
Mushtaq Ahmad Khan, a textile businessman in old city, who supplies all types of cloths to stores across Kashmir, told Kashmir Reader that there were no takers for textiles on this festival.
“Markets have taken u-turn,” Khan said. He believes demonetization too has affected the functioning of the market which was slowly recovering after 2014 floods.
However, markets of perishable items like bakery and mutton remained largely unaffected.

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