A man sells fruit from his stall along a road in Srinagar, where security during an annual Hindu pilgrimage is slowing deliveries. Reuters
A man sells fruit from his stall along a road in Srinagar, where security during an annual Hindu pilgrimage is slowing deliveries. Reuters
A man sells fruit from his stall along a road in Srinagar, where security during an annual Hindu pilgrimage is slowing deliveries. Reuters
A man sells fruit from his stall along a road in Srinagar, where security during an annual Hindu pilgrimage is slowing deliveries. Reuters

Kashmir fruit farmers say pilgrimage traffic poses risk to crops


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Fruit producers in Indian-administered Kashmir are facing huge losses as their wares get stuck in huge traffic jams caused by the annual Hindu pilgrimage.

Growers said on Monday lorryloads of fruit were being delayed by heightened security as hundreds of thousands pass through the contested region to visit a shrine in a Himalayan cave for the Amarnath Yatra pilgrimage.

Police said that last week they uncovered a militant plot to attack pilgrims, which has led to security being tightened on roads.

Pilgrimage numbers have soared this year after the event was shut down in 2021 during the Covid-19 pandemic.

But fruit was in danger of rotting as lorries stood still during traffic checks, Bashir Ahmad Basheer, from the Kashmir Valley Fruit Growers and Dealers Union, told Reuters.

“Freshly harvested plums, peaches, pears and apples need to be transported outside Kashmir or else they may rot in this heat and we will face heavy losses,” said Mr Basheer.

Vendors and buyers trade for fruits and vegetables at a wholesale market in Srinagar in 2020. Growers said fruit was being delayed by security checks as hundreds of thousands pass through the contested region for the Amarnath Yatra pilgrimage. AFP
Vendors and buyers trade for fruits and vegetables at a wholesale market in Srinagar in 2020. Growers said fruit was being delayed by security checks as hundreds of thousands pass through the contested region for the Amarnath Yatra pilgrimage. AFP

Lieutenant Governor Manoj Sinha, who leads the region, said the government was working on plans to ease traffic.

“Lorries will only be stopped when pilgrims travel on the highway and trucks loaded with perishables won’t face any inconvenience,” he said.

Indian soldiers carrying automatic assault rifles and wearing flak jackets have been out guarding roads since the Hindu pilgrimage began in the Muslim-majority region in June.

“Pilgrims are our guests but our trucks should not be stopped,” orchard owner Ghulam Mohammad Malik said.

He said farmers and traders would together face losses of 30 million Indian rupees ($380,000) per day if congestion did not ease.

Fruit cultivation is the backbone of Kashmir's economy, and provides work for about 3 million people, according to the growers' union.

Protests erupt in Kashmir after sentencing of Yasin Malik – in pictures

  • Thousands of demonstrators took to the streets of Srinagar to protest against the sentencing of Yasin Malik on Wednesday. AFP
    Thousands of demonstrators took to the streets of Srinagar to protest against the sentencing of Yasin Malik on Wednesday. AFP
  • Protesters clash with Indian police during a protest against the sentencing of Kashmiri separatist leader Yasin Malik, in Srinagar, the summer capital of Indian Kashmir. EPA
    Protesters clash with Indian police during a protest against the sentencing of Kashmiri separatist leader Yasin Malik, in Srinagar, the summer capital of Indian Kashmir. EPA
  • Malik, the former militant commander-turned-pro-independence politician, was given two life sentences, four 10-year jail terms and one five-year sentence, all to be served concurrently. Reuters
    Malik, the former militant commander-turned-pro-independence politician, was given two life sentences, four 10-year jail terms and one five-year sentence, all to be served concurrently. Reuters
  • He was convicted of participating in and funding terrorist acts and involvement in criminal conspiracy. Reuters
    He was convicted of participating in and funding terrorist acts and involvement in criminal conspiracy. Reuters
  • Several parts of Srinagar in Kashmir were locked down, after sporadic street clashes between Malik's supporters and government troops erupted when news of the sentencing broke. EPA
    Several parts of Srinagar in Kashmir were locked down, after sporadic street clashes between Malik's supporters and government troops erupted when news of the sentencing broke. EPA
  • Police escort pro-independence party Jammu Kashmir Liberation Front chairman Yasin Malik to Patiala house court in New Delhi, where he was sentenced. AFP
    Police escort pro-independence party Jammu Kashmir Liberation Front chairman Yasin Malik to Patiala house court in New Delhi, where he was sentenced. AFP

During the pilgrimage, Hindus cross glaciers and waterlogged trails to reach a mountain cave that contains an ice stalagmite that is considered a physical manifestation of the god Lord Shiva.

The cave is covered in snow for most of the year, but authorities let pilgrims visit it for 45 days over the summer as rising temperatures clear the passes.

India and Pakistan have twice gone to war over Kashmir, which is divided between them but both claim in full. It remains at the heart of decades of hostility.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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Updated: July 04, 2022, 11:44 AM