The Union Cabinet hasapproved the establishment of a Central University in the Union Territory of Ladakh on Thursday. Union Minister Anurag Thakur informed that the first phaseof the varsity will be completed in four years, and the total project costwould be Rs 750 crore.
Giving furtherdetails, Thakur said two important decisions for Ladakh have been taken. Healso added that an integrated, multi-purpose corporation will be set up inLadakh as well.
The corporation wouldhave an authorised share capital of ₹25 crore and a recurring expenditure of₹2.42 crore crore a year. “Presently, there is no such similar organisationwithin the newly formed UT of Ladakh. The approval has an inherent potentialfor employment generation as the corporation will be undertaking various kindsof developmental activities,” government stated.
The corporation wouldwork on industry, tourism, transport and marketing of local products andhandicraft. It would also be the main construction agency for developmentprojects.
The government hasalso approved a Production Linked Incentive (PLI) Scheme for specialty steel inan initiative aimed at boosting domestic manufacturing and exports and cuttingdown the import burden for the sector, Information and Broadcasting Minister AnuragThakur said. The scheme will be applicable for five years from 2023-24 to2027-28.
"The varsity will be instrumental in strengthening democratic values and to promote overall growth and development of the region," PIB spokesperson Jaideep Bhatnagar in his tweetmentioned.