In recent times, religion has become a powerful force in giving legitimacy to terrorist actions. The present work considers this highly salient fact, as well as stresses the necessity to consider the historical and social contexts and group power resources in any meaningful analysis of violent protest movements. Quantitative rigor is combined with a sensitivity to context. Terrorism is operationalized by taking a time-based count of terrorist killings of innocent people. Regime acts of omission and commission are coded as time series interventions. The analysis also includes a continuous variable measuring the incidence of economic distress in Punjab. A case is also made for the superiority of Box- Jenkins time series techniques for the quantitative analysis of problems of this nature.