Launches several projects, sanctions Rs 5.13 Cr in Ladakh Credit outreach
Leh, Jun 15: Underlining the need to anchor development in local identity, Union Minister for Finance, Nirmala Sitharaman on Sunday reiterated the Government of India’s commitment to financial inclusion, last-mile delivery of credit, and the integration of Ladakh’s unique cultural identity into the broader developmental framework.
On the second day of her visit to Ladakh, Sitharaman virtually inaugurated several development projects, asserting that this reaffirms the Centre government’s commitment to inclusive growth and infrastructure development in the Union Territory.
She also interacted with the officials of the Union Territory administration led by Chief Secretary Dr Pawan Kotwal, before addressing the Credit Outreach Programme in Leh and handed over sanction letters from banks to beneficiaries under various Central Government schemes.
Speaking at the event, the Finance Minister stated that the Modi Government is committed to giving greater emphasis to smaller entrepreneurs.
During the event, loan sanctions exceeding Rs 5.13 crore to 25 beneficiaries were disbursed under key central schemes such as MUDRA, PMEGP, Stand-Up India, and PM Vishwakarma. Beneficiaries ranged from homestay owners and artisans to small-scale entrepreneurs, reflecting the government’s focus on micro-enterprise and self-employment.
The Finance Minister reiterated the central government’s unwavering commitment to the comprehensive development of Ladakh under the leadership of Prime Minister Narendra Modi. She applauded the role of financial institutions in extending the benefits of government-sponsored schemes to even the most remote corners of the country.
Sitharaman highlighted that over 64,000 MUDRA loans and more than 600 Stand-Up India loans have been sanctioned in Ladakh, with a significant share in Leh district alone. Public Sector Banks have shown increased credit activity in the region, with total loan sanctions rising steadily over the last two financial years.
The Minister commended the expansion of financial infrastructure in Ladakh, with over 500 banking touchpoints and increasing deployment of banking correspondents.
She also stressed the need to anchor development in local identity, citing recent initiatives such as the recognition of local languages under the Ladakh Official Languages Regulation Act, the conferring of classical language status to Pali as most ancient Buddhist texts exist in the language, reflecting the region’s rich heritage.
The Minister also highlighted that the Union Government is committed to increasing the access to education in the region with the first-ever cluster university in the Ladakh region (University of Ladakh) was inaugurated in 2019 by Prime Minsiter Narendra Modi, and the Sindhu Central University has been established to provide quality higher education. Furthering the government’s commitment to the preservation and promotion of local customs and traditions the Minister spoke of the National Institute of Sowa-Rigpa has also been set up to promote the Sowa-Rigpa system of medicine.
Additionally, she spoke of the government’s initiatives such as the removal of a decade long ban on the export and the GI tagging of Ladakh’s Raktsey Karpo Apricots followed by GI tags for Ladakh’s Pashmina Wool, Shingskos (Wood Carving), and Seabuckthorn fruit products.
Sitharaman further outlined progress in infrastructure, digital connectivity, and renewable energy, including the BharatNet rollout, mobile network expansion, and green hydrogen projects.
Reaffirming the Centre’s vision for Ladakh, the Finance Minister underlined the need for cultural integration into livelihood and access to education while keeping mother tongue development as essential.
Sitharaman also emphasized ongoing infrastructure projects including all-weather tunnels, solar energy initiatives, NTPC’s green hydrogen mission, and the deployment of green public buses in Leh, all aimed at making Ladakh energy self-sufficient and better connected. The upcoming expansion of BharatNet and mobile towers promises digital access to every panchayat in the region.
Reaffirming the centre’s vision for Ladakh, the finance minister reiterated that financial growth must include cultural heritage.
The event brought together Public Sector Banks, NABARD, and financial institutions to deepen financial access, especially for the underserved sections, including Scheduled Castes, Scheduled Tribes, women entrepreneurs, and remote communities.
The event was graced by the esteemed presence of Pawan Kotwal, Chief Secretary of the UT of Ladakh; Haneefa Jan, the Member of Parliament (Lok Sabha) from the Ladakh region; and Surender Rana, Deputy Managing Director of the State Bank of India.
Surender Rana of SBI underscored the joint efforts of banks to drive social impact through financial inclusion and credited the success of the outreach to collaborative execution by the banking and administrative ecosystem.
