This story belongs to the Fortune India Magazine May 2025 issue.
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IN THE LUSH, pine-scented valley of Pahalgam, where tourists once queued for treks and trout fishing, silence hangs heavy. “Kashmiris [directly] bear no fault for the tragedy, yet it’s the local vendors who will shoulder the economic fallout of declining tourism,” says Shaila, a tour operator. For over a decade, she has watched Kashmir slowly reclaim its place on India’s travel map. But on April 22, a terror attack that claimed the lives of 26 tourists has dealt a blow. “Just 10–20% of flight bookings are still active,” says Sandeep Pandita, an official with Srinagar International Airport. In Srinagar, hotel lobbies are deserted, houseboats lie empty on the Dal Lake, and tourist chatter has given way to uncertainty.
Cancellations for Kashmir-bound travel have soared. “80-90% of our bookings for May and June are gone,” says Varnika Chawla, founder of Trail The Himalayas, a company that curates bespoke travel experiences in the valley.