Cabinet approves Central university, development corporation in Ladakh

The Union cabinet on Thursday approved setting up of a Central university in the newly formed Union Territory of Ladakh, as well as an integrated multi-purpose infrastructure development corporation. The decision was taken with “an aim of addressing regional imbalances in higher education level and stimulating the society of Ladakh”, an unnamed government official quoted by PTI said.

This is in line with Prime Minister Narendra Modi’s promise made in the address to the nation on last Independence Day to set up a new university in Ladakh.

“The Cabinet also approved the creation of one post of managing director for the corporation in the pay scale of ₹144,200- ₹218,200 level,” the government said in a press release. “The authorized share capital of the corporation will be ₹25 crore and recurring expenditure will be around ₹2.42 crore per year. It is a new establishment. Presently, there is no similar organization within the newly formed UT of Ladakh.”

The government added that the approval has the potential to generate employment as the corporation will be undertaking various developmental activities. “The corporation will work for industry, tourism, transport and marketing of local products and handicraft. Corporation will also work as the main construction agency for infrastructure development in Ladakh,” the government said.

The government said it will result in inclusive and integrated development of :Ladakh.

“It [will] increase domestic production of goods and services and will facilitate their smooth supply. Thus, the approval will help in realizing the goal of Atmanirbhar Bharat,” the statement read.

The government has also approved a Production Linked Incentive (PLI) Scheme for specialty steel in an initiative aimed at boosting domestic manufacturing and exports and cutting down the import burden for the sector, Information and Broadcasting Minister Anurag Thakur said. The scheme will be applicable for five years from 2023-24 to 2027-28.

“With a budgetary outlay of ₹6,322 crores, the scheme is expected to bring in investment of approximately ₹40,000 crores and capacity addition of 25 metric tonne (MT) for speciality steel. The scheme will give employment to about 525,000 people, of which, 68,000 will be direct employment. Speciality steel has been chosen as the target segment because out of the 102 million tonnes steel produced in India in 2020-21, only 18 million tonnes of value added steel or speciality steel was produced in the country,” said the government statement.