Kashmir valley was blooming with business. Now it’s stained with blood, again

"Gar firdaus bar-rue zamin ast, hami asto, hamin asto, hamin ast."
(If there is heaven on Earth, it is here, it is here, it is here.)


These immortal words by poet Amir Khusrau have long echoed through the pristine valleys and snow-laden slopes of Kashmir. They speak of a paradise nestled in the Himalayas—a land of tulip gardens, apple orchards, and snow-covered peaks. But on April 22, 2025, that paradise was shattered.
A brutal terror attack in Pahalgam, one of the most beloved tourist destinations in Jammu and Kashmir’s Anantnag district, left at least 26 civilians dead, many of which had come seeking peace and beauty.

According to initial reports, four terrorists allegedly affiliated with The Resistance Force (TRF), a Lashkar-e-Taiba-linked group, opened fire near a popular meadow, turning a place of serenity into a scene of unspeakable horror.

Also Read: Pahalgam attack: Baisaran turns into a valley of terror

The news reverberated far beyond the valley. In a rare show of unified sorrow, Indian leaders across party lines condemned the attack. President Droupadi Murmu, Prime Minister Narendra Modi, Home Minister Amit Shah, and Leader of Opposition Rahul Gandhi all expressed deep anguish. Global voices joined in too with US President Donald Trump, Israeli PM Benjamin Netanyahu, Russian President Vladimir Putin and others offering solidarity with India.

Yet amid the official condolences and promises of justice, an unsettling silence looms over Kashmir—not just the silence of grief, but one that threatens the steady rhythm of economic recovery, tourism revival, and the fragile sense of normalcy that had begun taking root in recent years.

From lockdown to lifeline: A fragile resurgence

After years of militancy, followed by the political upheaval of Article 370’s abrogation in 2019 and the Covid-19 lockdowns, Kashmir had finally begun to bounce back. Tourism, the region’s economic lifeline, was thriving once again. In 2023 alone, a record-breaking 2.1 crore tourists visited the Union Territory, according to an ET report. In 2024, the number reached up to 2.36 crore.

Also Read: Pahalgam Attack: 28 dead, several injured in targeted firing; survivors recall horrendous act as govt mulls action plan

Hotel rooms were so fully booked that tourists had to be accommodated in private homes. Major hotel chains were expanding. “Taj Vivanta is adding 20 new rooms,” Rajesh Sharma, J&K Chair of industry body FICCI, had told ET's Shantanu Nandan Sharma in 2024. International investors like LuLu Group from Abu Dhabi had entered the region, setting up a hypermarket in a new mall in Srinagar.

In Gulmarg, one of the top ski destinations in Asia, development was gaining momentum. “We’re preparing to invite bids for a luxury hotel project abandoned in the 1980s,” said Minga Sherpa, Deputy Commissioner of Baramulla. “Many big Indian hotel chains have shown interest in the 7-acre prime land next to the Gulmarg Gondola.”

The ski slopes had recently been alive with laughter and adrenaline. In March last year, Rishab Mittal, a 28-year-old snowboarder from Haryana, summed up the spirit of modern Kashmir tourism: “When I ski down a mountain, my trainer films it, and I post it to Instagram. I’m doing this for fun.”

Commerce was on the rise...but, will it continue?

It wasn’t just tourism. Apple trade in Sopore, Asia’s second-largest fruit market after Delhi’s Azadpur, had also seen a boom. “Militancy has reduced, and there are about 1,000 active traders now,” said Zahwoor Ahmad, a seasoned apple trader.

The annual turnover at Sopore’s mandi had touched Rs 7,000 crore in 2024, sustaining livelihoods across Kupwara, Bandipora, Baramulla, and Budgam—regions deeply reliant on this seasonal commerce.

Even border tourism had begun to pick up, with once-inaccessible regions like Gurez, Keran, Teetwal, and R S Pura now seeing footfalls from across India. Jammu and Kashmir were not just recovering; they were rebranding themselves as premium tourism and investment hubs, fit for destination weddings, luxury golf vactaions, and MICE (Meetings, Incentives, Conferences and Exhibitions) tourism.

A new normal was built on hope

The Union Territory was slowly inching toward a new identity. As per government data, the tourism sector’s contribution to the Gross State Domestic Product (GSDP) rose from 7.84% in 2019-20 to 8.47% in 2022-23. Development projects worth Rs 6,400 crore were unveiled before elections by PM Modi at a massive rally in Srinagar’s Bakshi Stadium.

But the progress had a quiet condition—a silent pact between hope and peace. For this new era to last, the guns needed to stay silent.

The cost of a bullet: Progress in jeopardy?

This latest attack has cast a long shadow. Candlelight vigils and protests have erupted across Srinagar, Poonch, Kupwara, Baramulla, and Jammu, with even locals joining in. “It is not just tourists, but our livelihood, our families,” said Gulzar Ahmad Wani, president of the Pahalgam Taxi Association.

The fear now is that the cycle may repeat—the valley’s economic gains undone by fresh waves of insecurity. Will tourists still come? Will investors hold back? Will families that bet their futures on Kashmir’s peace be forced to rethink?

The attack in Pahalgam is not just a tragedy—it’s a test. A test of the valley’s resilience, of the people’s faith, and of the government’s ability to protect what Kashmir has fought to regain: stability, growth, and dignity.

(With inputs from ET Bureau)