The Union Cabinet on Thursday approved the establishment of a Central university at a cost of ₹7,500 crore and an integrated multi-purpose infrastructure development corporation in the Union Territory (UT) of Ladakh, a government statement said.
The corporation would have an authorised share capital of ₹25 crore and a recurring expenditure of ₹2.42 crore crore a year. “Presently, there is no such similar organisation 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,” it noted.
The corporation would work on industry, tourism, transport and marketing of local products and handicraft. It would also be the main construction agency for development projects.
Addressing a briefing after the Cabinet meeting, Information and Broadcasting Minister Anurag Thakur said the university would fill the gaps in higher education as the UT did not have any Central varsity when it was carved out of the then State of Jammu and Kashmir in 2019.
