New Delhi (24.07.2021): The Central government has decided to create an Integrated Multi-purpose Infrastructure Development Corporation for Ladakh and a post of Managing Director, for the Corporation in the pay scale of Rs 1,44,200- Rs 2,18,200 level. The decision in this regard was taken by the Union cabinet.

This is an attempt to bring in development in Ladakh and boost the AatmaNirbhar Bharat Abhiyan in the newly carved out Union Territory. The authorized share capital of the Corporation will be Rs 25 crore and recurring expenditure will be around Rs 2.42 crore per year.

The move is expected to generate employment as the Corporation will be undertaking various kinds of developmental activities. The Corporation is being formed with an aim to boost work on various industries including tourism, transport, and marketing of local products and handicrafts. It will also work as the main construction agency for infrastructure development in UT.

It will lay a multi-dimensional impact on the region. It will help in the further development of human resources and better utilization thereof. It will also aid in increasing domestic production of goods and services and will facilitate their smooth supply.

An Advisory Committee was constituted under Section 85 of the Jammu and Kashmir Reorganisation Act, 2019, for making recommendations regarding the apportionment of the assets and liabilities of the erstwhile State of Jammu and Kashmir between Jammu and Kashmir and Ladakh.

The said Committee inter-alia recommended the establishment of an Integrated Infrastructure Development Corporation Ltd similar to the Andaman & Nicobar Islands Integrated Development Corporation Ltd (ANIIDCO) with an appropriate mandate to take up various developmental activities as per the specific needs of Ladakh. Union Ministry of Finance has approved all this in April 2021.