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Integrated multi-purpose corporation approved for Ladakh

With Rs 25 crore share capital, the corporation will be first organization dedicated to development in the region. The Corporation will work as main construction agency for infrastructure development in Ladakh.

Ladakh

The Union Cabinet approved the establishment of a new integrated multi-purpose infrastructure development corporation for Ladakh with a share capital of Rs. 25 crores and a recurring expenditure will be around Rs. 2.42 crore per year. Presently, there is no such similar organization within the newly formed UT of Ladakh. The approval is likely to boost employment in industrial, tourism, transport, and marketing of local products and handicraft sectors. The corporation will also work as the main construction agency for infrastructure development in Ladakh.

The inclusive and integrated development of the union territory of Ladakh will ensure the socio-economic development of the entire region and population of the Union Territory. 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.

 Consequent to the re-organization of the erstwhile state of Jammu and Kashmir as per the Jammu and Kashmir Reorganisation Act, 2019, the Union Territory of Ladakh (without Legislature) came into existence on 31.10.2019. An Advisory Committee was constituted which recommended for the establishment of an Integrated Infrastructure Development Corporation Limited on the lines of the Andaman & Nicobar Islands Integrated Development Corporation Limited (ANIIDCO), with an appropriate mandate to take up various developmental activities as per the specific needs of Ladakh.

 

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