Srinagar: With Eid-ul-Fitr approaching, markets in Indian illegally occupied Jammu and Kashmir (IIOJK) are experiencing a significant downturn in sales, indicating widespread economic challenges and casting doubt on India’s assertions of economic growth in the region.

According to Kashmir Media Service, Mohammad Yaseen Khan, Chairman of the Kashmir Economic Alliance (KEA), has voiced concerns about the difficulties confronting businesses in various sectors. He cited factors such as high taxation, diminished purchasing power, and financial pressures on shopkeepers as contributing elements.

Khan emphasized the disparity between the current market conditions and the usual boost in retail activity expected during the festive season. He noted a startling 95% decline in sales within the garment industry, underscoring the financial strain felt by local businesses.

The slowdown in consumer spending during one of the most significant shopping periods of the year reflects broader economic distress affecting the territory, challenging the narrative of development and prosperity in IIOJK.