Cabinet approves setting up integrated multi-purpose infrastructure development corporation for Ladakh

The Union Cabinet on Thursday approved the establishment of an Integrated Multi-purpose infrastructure Development Corporation for the Union Territory of Ladakh. The Corporation will also work as main construction agency for infrastructure development in the UT.

“The authorised share capital of the Corporation will be ₹25 crore and recurring expenditure will be around ₹2.42 crore per year. It is a new establishment. Presently, there is no such similar organisation within the newly formed UT of Ladakh. The approval has an inherent potential for employment generation as the corporation will be undertaking various kinds of developmental activities. Corporation will work for industry, tourism, transport and marketing of local products and handicraft,” said the official statement.

Aiding development

The establishment of corporation will result in inclusive and integrated development of the Union Territory of Ladakh. This will, in turn, ensure socio-economic development of the entire region and population of the Union Territory. It will help in further development of human resources and better utilisation thereof and increase the domestic production of goods and services and will facilitate their smooth supply. Thus, the approval will help in realising the goal of Atmanirbhar Bharat, it added.

The Cabinet also approved the creation of one post of Managing Director, for the corporation in the pay scale of ₹1,44,200-2,18,200 level.

Meanwhile, the Cabinet also gave nod for setting up the Central University of Ladakh at a cost of ₹750 crore to address regional imbalances in higher education level and promote overall growth and development of Ladakh.

Source

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