Srinagar, June 7 -- Eid-ul-Azha, one of the most important days on the calendar, passed like a whisper through the Valley.

At the Hazratbal Shrine, thousands gathered for prayer. The lawns were full, the imam's voice echoed across the lake. Afterward, people packed their mats and left quietly.

"I was thinking about how different it was last year," said Shabir Ahmad, a tailor from downtown Srinagar. "There was more laughter then. This time, everything felt low."

The streets stayed calm. There were fewer door knocks, fewer greetings, fewer children playing in new clothes.

"We skipped Qurbani this year," said Mushtaq Wani, a travel agent from Srinagar. "Poor business and mounting EMIs have pushed most people in Kashmir into survival mode...