The Union Cabinet has approved the establishment of an Integrated Multi-purpose Infrastructure Development Corporation for the Union Territory of Ladakh. Also, the Cabinet nodded for the creation of one post of Managing Director, for the corporation on the pay scale of Rs1,44,200- Rs2,18,200 level.
According to the Cabinet, the authorized share capital of the Corporation will be Rs25cr and recurring expenditure will be around Rs2.42cr per year. It is a new establishment.
At present, there is no such similar organization 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. The corporation will work for industry, tourism, transport and marketing of local products and handicrafts. The corporation will also work as the main construction agency for infrastructure development in Ladakh.
The Cabinet said that the establishment of a corporation will result in the inclusive and integrated development of the Union Territory of Ladakh. This will, in turn, ensure the socio-economic development of the entire region and population of the Union Territory.
Further, the Cabinet highlighted that the impact of the development will be multi-dimensional. It will help in the further development of human resources and better utilization thereof. It increases domestic production of goods and services and will facilitate their smooth supply. Thus, the approval will help in realizing the goal of Atmanirbhar Bharat.
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