I am submitting my sites to various directories (paid and free).I wanted to know willmit help my site to generate traffic in long run. If I stop these submissions will it generate the same traffic as it is generating now?

For good traffic you will need to take is to submit your website to as many directories you can that are relevant to your websites content.

Make sure you submit your site only to directories with good reputation. Most directories these days are either dead or tagged as link farms. If you want to boost your site traffic, you need to implement other methods to promote your site such as social bookmarking, networking, etc.

I don't really gain traffic from directories, its more good for backlink. Why do you want to stop submission if you really get your hits from there?

I think it's better to submit in local directories because google now showing local search results identifying users location.

Submitting your site to many quality directories will help your link popularity to grow, and subsequently bring your site up in SERPs. But directories bring little traffic, you have to note that. However, to find out the directories that will bring you traffic, visit Google and Yahoo and try out some keywords like "The best web directory", "high quality web directory", "quality directory", etc. The directories that come up in the first three or four pages have good ranking in SERPs and will bring you some traffic.

In actual sense, directories are not mainly for bringing too much traffic. But they help to bring your site to the notice of search engines.

When choosing directories to submit to, make sure their web pages are indexed by popular search engines. Also make sure the category or subcategory you're submitting to is cached.

Like mrandrei said, submit to only reputable directories that have good standing with search engines. A lot of directories these days are penalized by search engines because of some irregularities. And some are not well promoted to give your links in them the deserved exposure.

Directory submission is not enough for get more traffic you must go another way for increase traffic

Directory submission is not able to boost the traffic by itself. it can bring your website in the search engine notice. and also increase the reputation of your website in the form of backing.

you have to try different things to bring boost your traffic.

Directory submissions will only give you back links and not huge traffic but directories will help you to improve your SERP.

Still directories helps in ranking as well as I've seen directory backlinks in Google.