Srinagar, July 2 -- Kashmir has become obsessed with attracting money. Investment summits, tourism campaigns and infrastructure projects dominate public discourse.

That goal matters, but a stronger economy starts with a simple question: how much of that money actually remains in the valley?

That question rarely receives the attention it merits.

Tourism contributes almost 7 percent to Jammu and Kashmir's economy and supports the livelihoods of nearly five lakh people. Government spending continues to fuel construction and services, while horticulture remains a major source of income.

Those numbers sound encouraging, but they also hide a deeper weakness: much of the income generated in Kashmir leaves through imports of consumer goods, p...