THE EID SLUMP

Eid has ceased to be a business opportunity as the fall in liquidity and inflation has seriously crippled the purchasing capacity of the consumer. The politics and the pandemic is adding to the retail mess that is already facing serious competition from the online, reports Ibtisam Fayaz Khan

- Ibtisam Fayaz Khan

Eid in Kashmir, like the rest of the world, is not a matter of faith alone. It is a roaring business, too. For one or the other reasons, the last four Eid festivals, starting in 2019, were seriously impacted in Kashmir. The continuous recession in the Kashmir markets details the costs. As the customer capacity got compromised, the market viability took a hit.

“The downfall in purchasing power of customers is for two factors inflation and pandemic,” Mohammad Yasin Khan, the president of Kashmir Traders and Manufacturers Federation said. “For the past 5 years, the economy of the region is declining which has led to a 60 to 70 per cent fall in business.”

The low sales led to a capital blockage in inventory and triggered a cycle of deficit, both for working capital and staying updated with the market trends. Admits Khan: “Trade is skeptical over whether to buy new stocks for customers or not. There is visible lack of choice of products.”

THE SACRIFICE

For generations, the demand for sacrificial animals has remained the barometer of market health. In Srinagar, it is the Eidgah that converts into a live cattle market.

One of the sellers is Naik Muhammad Aziz from Bikaner in Rajasthan. Naik is one of the 11 animal sellers who have come from various sheep rearing destinations from Indian plains, who moved in with their well-bred lambs to Srinagar, ahead of Eid. But the experience has been disappointing as the current market conditions exhibit a lack of demand.