Srinagar, May 14 -- Business associations across the valley say sales have sharply declined in recent years. Traders blame a mix of weak purchasing power, rising costs, online competition and complicated tax compliance. A recent report quoted handicraft traders saying some businesses had fallen by nearly 70 percent over two years.

The pressure is visible everywhere. Shopkeepers who once hired extra workers during Eid now cut staff to reduce expenses. Families that depended on small retail stores are borrowing money to pay school fees and electricity bills. Several markets that once stayed crowded late into the evening now begin shutting early because there are simply not enough buyers.

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