New Delhi: The Union Cabinet today approved the establishment of an Integrated Multi-purpose infrastructure Development Corporation for the Union Territory of Ladakh.
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 approval has an inherent potential for employment generation as the corporation will be undertaking various kinds of developmental activities, a Cabinet note stated. The corporation will work for industry, tourism, transport and marketing of local products and handicraft. It will also work as main construction agency for infrastructure development in Ladakh.
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.2,18,200 level.
It may be mentioned that consequent upon re-organisation 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 October 31, 2019.
An Advisory Committee was constituted under section 85 of the Jammu and Kashmir Reorganization Act, 2019 for making recommendations regarding the apportionment of the assets and liabilities of the erstwhile State of Jammu and Kashmir between the Union Territory of Jammu and Kashmir, and the Union Territory of Ladakh. The said Committee recommended for the establishment of an Integrated Infrastructure Development Corporation Limited on the lines of the Andaman and Nicobar Islands Integrated Development Corporation Limited (ANIIDCO), with an appropriate mandate to take up various developmental activities as per the specific needs of Ladakh.
Accordingly, the Union Territory of Ladakh sent a proposal to this Ministry for the establishment of the corporation in the Union Territory of Ladakh, which was recommended by the Committee on Establishment Expenditure (CEE), Ministry of Finance in April, 2021.
– global bihari bureau
