Magnum Software Services, located on the outskirts of Srinagar, Kashmir’s main city and the nerve center of a 15-year revolt against Indian rule, has become the first company in the region to bag an international back-office services contract. The firm has recruited 315 young Kashmiri men and women in recent weeks to format medical files and research data for a Singapore client. Soon it also plans to provide accounting and legal transcription services.[NY Times]
Besides this foreign investment, there are Indian companies investing in Jammu and Kashmir as well. Other than tourism and export of Kashmiri shawls, now new industries are popping up creating more employment, which alone can lead to a decrease in terrorism.