New Delhi | Jagran News Desk: The Union Cabinet has decided to set up a Central University in the Union Territory of Ladakh at a cost of Rs 750 crore, Information and Broadcasting Minister Anurag Thakur said on Thursday. "There was a long-pending demand to make Ladakh a Union Territory, which Prime Minister Narendra Modi fulfilled. A Central University will be established at a cost of Rs 750 crore in UT of Ladakh," Thakur said.

"This will address regional imbalances in higher education level and promote overall growth and development of the UT," Thakur added.

The cabinet has also approved the setting up of the Ladakh Integrated Infrastructure Development Corporation Limited (LIIDCO).

"This will aid in setting up infrastructure. It will operate as Ladakh’s main construction agency. This will be set up under the Companies Act," the minister said.

The cabinet also approved Rs 6,322-crore Production-Linked Incentive (PLI) Scheme for specialty steel, an initiative aimed at boosting domestic manufacturing and exports and cutting down the import burden for the sector.

"The step has been taken to increase the manufacturing of specialty steel in the country and it will cut down the import burden.

The initiatives worth Rs 6,322 crore will be provided over five years and it would create over 5 lakh jobs, the minister added.

"The scheme will cover coated/planted steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, steel wires and electrical steel. Any company registered in India, engaged in manufacturing of the identified 'specialty steel' grades eligible to participate," Thakur said.

He also pointed out that Rs 39,625 crore investment is expected in specialty steel manufacturing and will generate potential employment of about 5.25 lakh in the sector.

Posted By: Subhasish Dutta