Srinagar, July 18 -- Across the valley, ambition is being built on borrowed money. And for many, it's collapsing just as fast.

Loans are no longer a last resort in Kashmir. They've become the first step. You don't need capital to start a business anymore. You just need collateral.

Banks, eager to disburse government-backed schemes, have made access easier than ever. Subsidized interest rates and glossy brochures sell the dream well.

What they don't show is what happens after that first installment. That's where the trouble begins.

There's a pattern emerging across districts.

Young men, sometimes just out of college, apply for loans to launch ventures: a clothing store, a cement dealership, or a poultry farm. These aren't bad ideas. ...