New Delhi: The Union Cabinet on Thursday approved the establishment of an Integrated Multi-purpose Infrastructure Development Corporation for the Union Territory of Ladakh.

‘The Union Cabinet chaired by Prime Minister Narendra Modi has approved the establishment of an Integrated Multi-purpose Infrastructure Development Corporation for the Union Territory of Ladakh,’ an official statement said.

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

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The authorized share capital of the Corporation will be Rs 25 crore and recurring expenditure will be around Rs 2.42 crore per year. It is a new establishment. Presently, there is no such similar organization within the newly formed UT of Ladakh, the statement said.

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 handicraft. The Corporation will also work as main construction agency for infrastructure development in Ladakh.

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.

The impact of development will be multi-dimensional. It will help in further development of human resources and better utilisation 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 Atma Nirbhar Bharat.